BRICS, an emerging market group that includes Brazil, Russia, India, China and South Africa, represents approximately 40 percent of the global population and accounts for about 26 percent of the global economy. It will hold its 15th annual gathering, the BRICS 2023 summit, from August 22 to 24.
Some key facts about the summit:
This will mark the first in-person BRICS summit since the COVID-19 pandemic broke out.
According to the government of South Africa, more than 40 countries have expressed interest in joining BRICS. So far, over 20 countries have formally applied to become new BRICS members, including Saudi Arabia, Iran, the United Arab Emirates, Argentina, Indonesia, Egypt and Ethiopia.
To establish an international power system commensurate with their economic size and break the imbalance in the current global governance system:
Wang Youming, director of the department for developing countries studies at the China Institute of International Studies, told CGTN that "The expansion of the BRICS group has become a consensus. So far, over 40 countries have applied to join BRICS, indicating that the influence, attractiveness and appeal of BRICS are growing day by day."
Many countries want to join the BRICS system, as it can help establish an international power system commensurate with their economic size and break the imbalance in the current global governance system, Wang said.
"Different from the exclusive club, the Group of Seven, or the G7, the BRICS spirit features mutual respect and understanding, equality, solidarity, openness, inclusiveness, and consensus, which is also one of the reasons many countries want to join the mechanism," he said.
What will be the implication to the dollar? And how will those implications affect the global inflation and markets?
Reference:
CGTN