• Prime Minister Narendra Modi will attend the 16th BRICS Summit in Russia’s Kazan on October 22 & 23.

• The Summit will offer a valuable opportunity to assess the progress of initiatives launched by BRICS and to identify potential areas for future collaboration.

• During his visit, PM Modi is also expected to hold bilateral meetings with his counterparts from BRICS member countries and invited leaders.

The BRICS nations

• The BRICS nations or Brazil, Russia, India, China and South Africa form the key pillars of south-south cooperation and are the representative voice of emerging markets and developing countries in the global forums such as the G20.

• The grouping has become a 10-nation body now with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates joining it as new members.

• With the new states joining, the bloc now accounts for 37.3 per cent of the world’s GDP. 

• The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, ‘The World Needs Better Economic BRICs’ on the basis of econometric analyses projecting that the four economies would individually and collectively occupy far greater economic space and would be amongst the world’s largest economies in the next 50 years or so.

• The leaders of BRIC (Brazil, Russia, India, and China) countries met for the first time in St. Petersburg, Russia, on the margins of the G8 Outreach Summit in July 2006. Shortly afterwards, in September 2006, the group was formalised as BRIC during the First BRIC Foreign Ministers’ Meeting, which met on the sidelines of the General Debate of the UN Assembly in New York City.

• After a series of high level meetings, the first BRIC summit was held in Yekaterinburg, Russia on June 16, 2009.

• It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers meeting in New York in September 2010. Accordingly, South Africa attended the third BRICS Summit in Sanya on April 14, 2011. 

• In 2014, the BRICS nations established the New Development Bank (NDB). It has an initial authorised capital of $100 billion and initial subscribed capital of $50 billion of which $10 billion is paid-in capital.

Expansion of BRICS

• BRICS leaders have left the door open to future enlargement as dozens more countries voiced interest in joining a grouping.

• Around 40 countries had shown interest in joining BRICS out of which 23 formally applied for the membership.

• In August 2023, the top BRICS leaders at the grouping’s summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1. However, Argentina’s President Javier Milei announced withdrawing his country from becoming a member of the BRICS.

• The decision to expand the bloc is seen as an effort to reshape global governance while putting the voices of the Global South as a key priority area to advance the overall development agenda.

• Russia assumed the presidency of BRICS on January 1, 2024.

• Russia’s presidency features more than 250 various events, with a BRICS summit in Kazan in October 2024 being the central one.

• Russian chairmanship under the motto ‘Strengthening Multilateralism For Equitable Global Development And Security’ will focus on positive and constructive cooperation with all concerned countries.

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