Source: IE
recently, Indonesia officially joined the brick countries group as 10th member, effective from January 2025.
Brick countries:
About:
BRICS are Informal grouping between governments of 10 emerging countries of the world.
BRICS represents the original founding members; Brazil, Russia, India, Chinaand South Africa joined in 2010.
In 2024, Iran, United Arab Emirates (UAE), Egypt, Ethiopia, and Saudi Arabia has also become a member.
of 1st BRICs Summit It was held at Russia in 2009.
significance:
Economic impact: BRICS was represented before Indonesia’s accession 35% of the world GDP and 46% of the world’s population.
Offset with G7: The aim is to strengthen the influence of emerging countries and regions. countering the domination of the Western-led global financial system G7.
Future challenges for BRICS:
reduce dependence on the US dollar In international transactions, Strengthening local currency and Facilitating non-dollar transactionspotentially Reshaping global trade and finance.
It aims to Promoting equity, inclusion and reform in global institutions like IMF and united nations.
read more: 16th BRICS Summit and India-China Border Agreement
