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BRICS Summit 2023: All You Need To Know

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New Delhi: Prime Minister Narendra Modi is all set to take part in the 15th BRICS summit scheduled from August 22–24 in Johannesburg, South Africa. South African President Cyril Ramaphosa had earlier invited PM Modi to participate in the summit.

The upcoming summit will be held at the Sandton Convention Centre. This will be the first in-person BRICS summit since the COVID-19 pandemic.

While all the heads of state from the BRICS nations will be in South Africa to participate in the summit, Russian President Vladimir Putin will not be attending the summit in person. Instead, Putin will take part virtually, with Russian Foreign Minister Sergei Lavrov representing Russia in the event.

About BRICS:

BRICS stands for a group of prominent emerging economies: Brazil, Russia, India, China, and South Africa. The inaugural BRIC summit was held in 2009 in Yekaterinburg, Russia. Later in 2010, South Africa became a formal member, expanding the association to the BRICS.

The acronym BRIC was initially introduced by Jim O’Neill, the former chairman of Goldman Sachs, back in 2001.

There have been 14 BRICS summits held since the inaugural summit took place in Russia: Russia (2009, 2015, and 2020) Brazil (2010, 2014, and 2019), India (2012, 2016 and 2021), China (2011, 2017 and 2022), and South Africa (2013 and 2018).

The leadership of the forum changes on a yearly basis among its members, following the acronym B-R-I-C-S.

Additionally, the summit group also includes two financial establishments: the New Development Bank (NDB), also known as the BRICS Development Bank, and the Contingent Reserve Arrangement (CRA). These entities were established during the 6th summit in 2014, which took place in Fortaleza, Brazil, and commenced their operations in 2015.

The BRICS coalition serves as a significant alliance uniting key emerging global economies, representing a combined total of over 40% of the world’s population.

The BRICS economies contribute 27% of the world’s Gross Domestic Product (GDP) and account for more than 18% of international trade. These nations also drive 50% of the overall global economic expansion, solidifying their role as major forces behind worldwide growth.

The upcoming Summit is anticipated to witness progress in the expansion of the BRICS grouping. Several potential additions have been mentioned, including Saudi Arabia, Argentina, the UAE, and Egypt, among various others.

The BRICS alliance aims to enhance, expand, and strengthen collaboration within the group and among its member nations, with the goal of achieving sustainable, fair, and mutually advantageous development. BRICS places importance on the unique growth, progress, and poverty alleviation goals of each member, ensuring that their economic strengths shape relations and minimising potential competition.

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