BRICS, BRICS+, THE WAY FORWARD

0
2K

What have BRICS achieved in their 18 years of existence?

How is BRICS different from other international organizations?

🔹 BRICS was founded in 2006 by Brazil, Russia, India and China. South Africa joined in 2011. On 1 January 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia became full members, while Russia took over the rotating presidency.

🔹 BRICS began collaborating with third countries in the early 2010s through the "BRICS Plus/Outreach" format. About 40 countries are interested in cooperating with the group.

🔹 BRICS is a "club of like-minded members", not a bloc like NATO or the EU. The group has no charter, budget, or secretariat.

What have the BRICS achieved?

🔸 The enlarged BRICS represents about 45% of the world's population (about 3.6 billion people) and a combined nominal GDP of $28.5 trillion, according to IMF figures.

🔸 The bloc accounts for 36% of global GDP in purchasing power parity, surpassing the G7's 29.3% and the EU's 14.5%.

Putin stressed at the BRICS Business Forum that the BRICS growth for 2024 is projected at 4%, compared with 1.7% for the G7 and 3.2% globally.

🔸 The group holds $45 trillion in investable wealth, according to the BRICS Wealth Report from January 2024.

🔸 BRICS accounts for 45% of global crude oil production.

🔸 Member states hold over 20% of the world's gold reserves, including Russia (2,340 tons) and China (2,260 tons).

🔸 BRICS countries account for 25% of global exports. In 2023, Russia's trade reached $228 billion with China, $57 billion with India, and $13 billion with Brazil and South Africa.

🔸 The group founded the New Development Bank in 2014 to finance infrastructure and sustainable development projects in member states and emerging markets. Its authorized capital is $100 billion.

🔸 Since 2016, the bank has invested in 138 projects in China, India, Brazil, Russia, South Africa, Bangladesh, and Egypt, according to its website.

Amid Western sanctions, about 65% of settlements between Russia and BRICS partners are now made in national currencies.

What is BRICS working on?

🔹 BRICS are developing tools for an inclusive financial system, including

1-       a common unit of account (Unit),

2-       a multilateral settlement platform (BRICS Bridge),

3-       a blockchain payment system (BRICS PAY),

4-       a securities trading platform (BRICS CLEAR),

5-       an insurance system and an independent rating agency.

Bick by Brick a New World Order is taking place. A New Era has begun …ADRF fits into this dynamic for a Prosperous, United and Free Africa

 

Zoeken
Categorieën
Read More
Other
Enhancing Efficiency and Precision in the Smart Transportation Industry with Industrial Computers
The smart transportation industry is rapidly evolving, driven by advancements in technology and...
By miawuxi2023 2024-10-25 03:18:25 0 2K
Other
Best crypto business with a paxful like crypto exchange platform
The realm of cryptocurrency exchanges is extensive; however, in the domain of peer-to-peer...
By Johnhendrick 2025-02-17 10:35:31 0 1K
Shopping
Best Movers in Connecticut
Best Movers in Connecticut: Your Ultimate Guide to Stress-Free Relocation Moving can be one of...
By Pasedo 2024-10-29 12:19:04 0 2K
Other
Understanding the Functions and Characteristics of the JK-XS Max Display
In the competitive landscape of smartphone technology, the display is often the battleground...
By miawuxi2023 2024-12-31 02:12:31 0 897
Other
Torque Sensor Market Market Size, Demand, Analytical Overview, Comprehensive Analysis, Segmentation, Competitive Landscape 2035
The latest report published by Roots Analysis, titled Torque Sensor Market offers a detailed...
By harnoor 2025-01-17 08:16:48 0 1K