Countries joined BRICS are as follow 👑 ⚖️
2024
#BRICS have invited #Ethiopia, #SaudiArabia, #Iran, #Egypt and #Argentina the #UAE to join their bloc in a push to expand its global influence. Leaders from #Brazil, #Russia, #India, #China and #SouthAfrica agreed to expand their group at a summit in Johannesburg. BRICS is an acronym representing a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. Initially, the grouping started as "BRIC" in 2001, a term coined by economist Jim O'Neill to highlight the potential economic power of Brazil, Russia, India, and China. South Africa was later invited to join in 2010, expanding the group to BRICS. Objectives and Purpose BRICS was established to promote peace, security, development, and cooperation among the member countries. The group aims to challenge the dominance of Western institutions like the International Monetary Fund (IMF) and the World Bank by offering alternative financial and political platforms. The BRICS nations also seek to address global issues such as trade, climate change, and sustainable development from the perspective of emerging economies. Economic Influence Together, BRICS countries represent about 40% of the world's population and account for approximately a quarter of the global GDP. Their combined economic clout has enabled them to exert significant influence on global economic policies. BRICS nations are also leading exporters of goods and services, with China being the largest exporter in the world. The group's focus on fostering economic collaboration includes initiatives like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), which provide financial support to member countries in times of economic distress. Challenges and Criticisms Despite their collective economic power, BRICS faces several challenges. The group comprises countries with vastly different political systems, economic structures, and strategic interests, making it difficult to achieve cohesive policies. Additionally, internal issues such as political instability, economic downturns, and corruption have at times weakened the effectiveness of BRICS as a unified bloc. Critics also argue that BRICS has struggled to present a viable alternative to Western-dominated global institutions, with some suggesting that the group has not lived up to its potential. Nonetheless, BRICS continues to be an influential player on the world stage, particularly as emerging economies seek to reshape the global order in their favor. Future Prospects As the global economic landscape evolves, BRICS remains a significant force. The group’s focus on innovation, technology, and sustainable development positions it well to continue shaping international economic policies. With ongoing discussions about expanding BRICS to include other emerging economies, the group’s influence could grow even further, potentially redefining global power dynamics in the coming years.