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.

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