Prime Minister Modi has arrived in Russia to attend the BRICS leaders’ meeting. The 16th BRICS leaders’ meeting will be held in Kazan, Russia, from October 22 to 24. At the summit, all eyes will be on Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and Chinese President Xi Jinping.
It is reported that Prime Minister Modi and Russian President Putin will also hold bilateral talks during the summit. Prime Minister Modi and Chinese President Xi Jinping are also expected to meet.
BRICS has become the most powerful organization in the world within a few years. Last year alone, five new countries joined the BRICS. There are currently 10 BRICS countries. Not only that, the GDP of the BRICS countries is more than twice that of the G7 countries. The G7 is an organization composed of the world’s seven largest economies, including the United States, the United Kingdom, Japan, Italy, Germany, France and Canada.
BRICS countries dominate oil market
The BRICS are preceded by Brazil, Russia, India, China and South Africa. Last year, Saudi Arabia, the United Arab Emirates, Egypt, Iran and Ethiopia also became members.
Argentina was also invited to join the BRICS but declined.
Six of the world’s nine largest oil producers are members of the BRICS. These include Saudi Arabia, Russia, China, Brazil, Iran and the United Arab Emirates. This means they already dominate the oil market. More than 43% of the world’s oil is produced in these countries.
What is the economic status of the BRICS countries?
The economic influence of the BRICS countries is also growing. At the BRICS Business Forum in Moscow on Monday, Russian President Vladimir Putin said that the GDP of the BRICS countries has exceeded US$60 trillion, far exceeding that of the G7 countries.
Putin said that since 1992, the global economy has changed rapidly. In 1992, the G7 countries accounted for 45.5% of global GDP, and the BRICS countries accounted for 16.7%. But by 2023, the G7’s share will increase to 29.3%, and the BRICS’ share will increase to 37.4%.
He also said that the BRICS countries contributed 40% to global GDP growth. The growth rate of BRICS countries this year is expected to be 4%. In addition, 25% of global trade exports come from BRICS countries alone.
Is the United States afraid of BRICS expansion?
There are currently 10 BRICS countries. However, more than three dozen countries want to join the BRICS. Most of them are against the United States and the West. They serve two purposes. First – weakening the dominance of Western countries. Second – reduce commercial dependence on the U.S. dollar.
Russia and China are the most supportive of BRICS expansion. These are the two countries that oppose the United States and Western countries. Russia is angry over sanctions imposed by Western countries over its war with Ukraine. At the same time, China is also working hard to win over smaller countries and make itself stronger.
Therefore, the expansion of BRICS may increase U.S. concerns. Algeria and Egypt are both good friends of the United States and both hope to join the BRICS. Egypt also joined. But the United States doesn’t want this. U.S. President Joe Biden has said he does not want his friends to build relationships with other countries.
Not only that, if more and more countries join the BRICS, they can make agreements among themselves to conduct business in their own currencies. If this happens, the dollar will simply depreciate. Not only China and Russia, many countries hope so.
What are BRICS countries?
BRICS is a group of five of the world’s fastest growing economies. Each letter of the BRICS represents a country. Among the BRICS countries, B stands for Brazil, R stands for Russia, I stands for India, C stands for China, and S stands for South Africa.
In 2001, Goldman Sachs economist Jim O’Neill used the term “BRIC” in a research paper. The BRIC countries include Brazil, Russia, India and China.
In 2006, the BRIC countries met for the first time. In September of the same year, when the foreign ministers of the four countries met on the sidelines of the United Nations General Assembly, the country was named “BRIC.”
In 2009, the first BRICS leaders’ meeting was held in Yekaterinburg, Russia. After this, the second summit was held in Brasilia, Brazil, in 2010. In the same year, South Africa also joined it, and the BRIC countries were changed to BRICS. Now also known as BRICS+.
