Prime Minister Narendra Modi embarked on a two-day visit to Kazan, Russia where he will be participating in the 16th summit of the BRICS (Brazil-Russia-India-China-South Africa) grouping. Being hosted by Russia, the summit is being seen as an attempt by non-Western powers to project their clout amid the conflict in Ukraine.
It will be the first summit of the grouping after it was expanded at its summit in Johannesburg last year. The new members included Egypt, Ethiopia, Iran and the United Arab Emirates.
Source: The Hindu
About BRICS:
It is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
Originally identified to highlight investment opportunities, the grouping evolved into a geopolitical bloc.
Bilateral relations among BRICS are conducted mainly based on non-interference, equality and mutual benefit.
The founding countries of Brazil, Russia, India, and China held the first summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later.
Iran, Egypt, Ethiopia, and the United Arab Emirates joined in 2024.
Saudi Arabia is yet to officially join, but participates in its activities as an invited nation.
Combined, the BRICS members encompass about 30% of the world's land surface and 45% of the global population.
All five initial member states are members of the G20, with a combined nominal GDP of US$28 trillion (about 27% of the gross world product), a total GDP (PPP) of around US$65 trillion (33% of global GDP PPP), and an estimated US$5.2 trillion in combined foreign reserves.
The BRICS countries are considered the foremost geopolitical rival to the G7 bloc comprising the leading advanced economies, implementing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, the BRICS pay, the BRICS Joint Statistical Publication and the BRICS basket reserve currency.
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