BRICS just doubled in size and the organization has massive plans to change how our world function in 2025. 9 new countries have officially joined BRICS and the organization just added Indonesia, the 4th most populous country and are strategically building allies throughout Asia, Africa, and South America.
BRICS is an acronym that stands for five major emerging economies: Brazil, Russia, India, China, and South Africa. The group was formed to promote economic cooperation, political dialogue, and cultural exchange among its member countries.
Here are some key points about BRICS:
- Formation: The term “BRIC” was first coined by economist Jim O’Neill in 2001, and the group held its first formal summit in 2009. South Africa joined the group in 2010, leading to the acronym being expanded to BRICS.
- Purpose: BRICS aims to enhance cooperation in various fields, including trade, investment, technology, and sustainable development, while also providing a platform for the members to discuss global issues.
- Economic Influence: The BRICS nations represent a significant portion of the world’s population, landmass, and economic output. They collaborate to challenge the dominance of Western countries in global affairs.
- Meetings and Summits: The BRICS countries hold annual summits where leaders discuss various global issues and plan joint initiatives.
- New Development Bank: In 2014, BRICS established the New Development Bank (NDB) to finance infrastructure and sustainable development projects in member countries and other emerging economies.
Overall, BRICS is an important group in global geopolitics and economics, focusing on strengthening ties among its members and increasing their collective influence on the world stage.
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