A gathering of global leaders is currently underway at the BRICS summit in Johannesburg, South Africa, this week.

BRICS constitutes a consortium of five nations with burgeoning economies, endeavoring to establish autonomous global economic and trade frameworks.

This coalition has explored the concept of devising a new currency. Meanwhile, numerous other nations have expressed interest in joining this alliance.

Forming an informal alliance in 2006, the four original BRIC nations united as allies contributing to the global economy, CBS News reported.

South Africa joined the fold in 2011, giving rise to the acronym BRICS.

As of 2023, BRICS has eclipsed the global GDP contribution of the G7, according to the group’s assertion, with BRICS accounting for nearly one-third of the world’s economic activity.

Leaders from the BRICS nations convene annually, and this year’s summit in Johannesburg, South Africa, is anticipated to be the largest, with invitations extended to 69 leaders.

The coalition’s objectives revolve around reshaping the geopolitical and economic landscape to their mutual benefit.

To this end, they have established the BRICS Business Council, the Contingent Reserve Agreement designed to offer short-term liquidity support, and the New Development Bank aimed at backing developmental initiatives within BRICS member states.

Scheduled from August 22 to 24, this year’s summit will prioritize discussions on reducing global dependency on the U.S. dollar.

Written by staff