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What is BRICS and what countries have joined?

BRICS stands for Brazil, Russia, India, China, and South Africa. It’s a group of emerging economies teaming up to increase their sway on the geopolitical stage.

The group started in 2006 to provide an alternate viewpoint to Western influences in international discussions.

BRICS countries now include Egypt, Ethiopia, Iran, and the United Arab Emirates, meaning the group accounts for 45% of the global population and 28% of the global economy.

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The countries take turns hosting the annual BRICS summit. On Wednesday Russian President Vladimir Putin hosted the world leaders in Russia’s southwestern city of Kazan.

It was the largest gathering of world leaders in Russia for decades, held during the war on Ukraine.

At the summit, Putin pushed for an alternative to the dollar for global payment. Almost all trade between Russia and China now uses rubles and yuan.

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Putin said, “The dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this.”

More than 30 nations including Thailand, Nicaragua and Turkey have expressed interest in joining BRICS. However, the group are currently split over whether to expand.

Putin addressed the issue at the summit, “It would be wrong to ignore the unprecedented interest of the countries of the Global South and East in strengthening contacts with BRICS … At the same time, it is necessary to maintain a balance.”

Critics have pointed to differences within the current members of BRICS.

Former Chief Economist of Goldman Sachs, Jim O’Neill, said, “In some ways, it’s a good job for the West that China and India can never agree about anything. Because if those two were really serious, Brics would have enormous influence”.

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