BRICS Summit 2023: South Africa was added to the club of economies known as BRICS in 2010, joining Brazil, Russia, India, China, and the previous four. About 26.7% of the world’s land area and 41.5% of the world’s population are covered by the BRICS. In terms of population, area, and GDP (PPP), Russia, India, and China are three of the ten largest nations in the world, and the latter three are often regarded as developing superpowers.
In August 2023, at the 15th BRICS Summit, South African President Cyril Ramaphosa announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates had been invited to join the bloc. Full membership will take effect on 1 January 2024.
BRICS Summit 2023
BRICS Summit 2023 | The theme for the 15th BRICS summit is “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism“. Among key topics to be discussed are de-dollarization strategies against the backdrop of prevailing geopolitical and geoeconomic situations.
The 15 the summit of the BRICS nations — Brazil, Russia, India, China, and South Africa — As the host country’s President, Cyril Ramaphosa is the summit Chair for this meeting to be joined by his Brazil counterpart Lula da Silva, Indian PM Modi, and Chinese President Xi Jinping.
Formation of BRICS
The acronym was initially used in a 2001 article by Jim O’Neill, chairman of Goldman Sachs Asset Management, titled Building Better Global Economic BRICs. The fastest-growing economies, collectively referred to as the BRICS, are predicted to control the global economy by 2050.