BRICS Beginning.
BRICS idea was initiated in 2009 by South African economist Jim O’Neill.
By a research paper on the expected economic growth and its potential in Brazil, Russia, India, and China, if their economic visions converged.
In fact, based on that vision, the economic bloc BRICS was founded in 2009, initially as a forum.
Which serves as a platform to start challenging the global economic system dominated by the United States and its European allies.
The group’s system stipulates that each member state stipulates an annual meeting of the heads and governments of the member states.
Each country assuming the presidency of the group for one year.
The group started with 4 countries in 2009, then 5 countries in 2010.
And by now 11 countries after the access of the last six countries.
Brazil, Russia, India, and China, and South Africa joined the membership in the first expansion of the group in 2010.
The group current name bears the initials of the names of the member states.
Before the latest expansion, the member states represented 40% of the world’s population.
In addition to the fact that they form 25% of the global economy.
Which will be doubled with the access of the six countries, led by the United Arab Emirates.
As well as Saudi Arabia, Egypt, Ethiopia, Argentina, and Iran.
The six countries have great economic and demographic powers that add weight to the group.
And also make it the largest entity in terms of population and economy in the world.
Policies and Choices
The group focuses its policies on economic cooperation and raising the rates of trade exchange and global trade.
In addition to multilateral development plans.
BRICS has chosen the six members (UAE, Saudi Arabia, Egypt, Ethiopia, Argentina, and Iran), out of 40 countries.
Most notably Algeria, Cuba, Congo, Kazakhstan, and others of the countries seeking to join BRICS.
As an economic alternative to the current bodies dominated by the Western powers led by the United States.
The President of Bolivia, Luis Arce, had expressed his interest in BRICS membership.
Moreover, his government confirmed its determination to curb the reliance on the US dollar in foreign trade in July.
Instead turning to the Chinese yuan, in line with the stated goal of BRICS leaders to reduce dependence on the American currency.
Algeria also said last July that it had applied for BRICS membership and become a contributor to the new development bank, called the BRICS Bank.
The international dissatisfaction with the global system has increased among developing countries due to the COVID-19 pandemic.
When some countries withheld life-saving vaccines.
Also due to the unfair economic and ideological policies in recent years.
Which have caused many political and economic crises in many countries.
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