Nigeria and 12 other countries recently joined the Brazil, Russia, India, China, and South Africa power bloc, better known as BRICS, as partner countries.
Tribune Online reports that the announcement was made during the BRICS’ recent summit held in Kazan, Russia, from October 22 to 24, 2024.
The newly added partner countries are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
In this article, Tribune Online presents 10 things you should know about the power bloc.
1. Formation
BRICS is an intergovernmental organisation, originally founded as BRIC on 16 June 2009 in Yekaterinburg, Russia, with Brazil, Russia, India, and China as the founding countries.
2. Purpose of Creation
BRICS aims to foster collaboration in trade, development, and investment among emerging markets. It also seeks to reform global governance by promoting a multipolar world order that reduces dependence on Western economies.
3. Expansion
The bloc officially changed its name to BRICS after South Africa joined as a member state in December 2010.
4. Official Members
The power bloc now consists of nine official member states: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates (U.A.E).
5. Recent Expansion
At the 2024 summit in Kazan, Russia, Nigeria and 12 other countries joined the bloc as new partner countries.
6. Providing an Alternative to Dominant Financial Institutions
BRICS has established financial institutions such as the New Development Bank (NDB) to fund infrastructure and sustainable development projects in member countries, offering an alternative to the World Bank and the International Monetary Fund (IMF).
7. Focus on De-dollarisation
A key objective of BRICS is to reduce reliance on the U.S. dollar in international trade. The bloc is exploring the use of local currencies for transactions among member countries, a step towards the creation of a common BRICS currency.
8. Proposed Currency
One of BRICS’ long-term goals is to develop a trade currency that facilitates transactions among members. This initiative aims to minimise exposure to currency volatility and promote financial independence from Western-dominated systems, such as the dollar and the euro.
9. Annual Summit
BRICS summits typically address issues such as sustainable development, economic integration, climate change, and geopolitical challenges. The theme of the 2024 summit was “Strengthening Multilateralism for Fair Global Development and Security.”
10. Future Projects
The ongoing interest from other nations in joining BRICS signals its potential for further growth. Countries from regions such as Southeast Asia and Africa are exploring alignment with the bloc to enhance their economic and political standing on the global stage.
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