BRICS

 Did you know:-

🙏 Why and when was BRICS established?

🙏 Current Goals of BRICS

🙏 Impact of B.R.I.C.K.S on the world

🙏 Why do most of the countries  want to join B.R.I.C.K.S

1. Why and when was BRICS ESTABLISHED?

BRIC is an acronym or abbreviation for the major emerging economies (Brazil, Russia, India, China). This abbreviation was coined in 2001 by Goldman Sachs economist Jim O'Neill and was formalized by a meeting in Petersburg, Russia on the Margins of UNGA by outstretching the G8 in the year. 2006. The First summit of BRIC was held in 2009 in Yekaterinburg, Russia and the very next year South Africa joined BRIC. After which the association was renamed as BRICS(Russia, India, China, Brazil, South Africa) which aimed for higher Political and Economic stability by either rivaling its source economically or by resolving it by co-operation.

2. Current Goals of B.R.I.C.S

The BRICS countries support a system of global governance that is more effective and maximizes the world's potential. It aims to improve global financial institutions and advance a multipolar world order that more accurately represents the objectives and ambitions of developing nations and developed ones in which America's most powerful weapon "The DOLLAR" is currently being targeted to decrease Internationally while also working on other issues like Climate change leaving the regional disputes, unlike G7 and G20 in their summit and also to become one of the important Global Economy by 2050

3. IMPACT OF BRICS ON THE WORLD

B.R.I.C.S covers 27% of the World's Land area and 42% of the Population, and 4 of these are the top 10 world GDP. The common B.R.I.C.S currency was called embarrassing by Jim O'Neill recently in an interview because the Indo-china relationship hitting their economies slowing their speed to defeat the U.S.A and U.S.A knows it as long as these two Asian giants don't co-operate so, Jim O'Neill says it embarrassing, and the Asian giants are now trying to gradually do

4. Why do most of the countries want to join B.R.I.C.S?

Brazil, Russia, India, China, and South Africa. The current members of B.R.I.C.S have reduced dependence on America for their economy which also brings their issues first not the leader or country's issues, They focus on a common aim and strengthen its stability. Countries like Saudi, Pakistan, Ethiopia, Argentina, and UAE have requested to be members of B.R.I.C.S from 2024 and we expect Pakistan will join officially in 2024.

1. Economic Benefits
The first reason why countries want to join BRICS is the economic benefits that come with being a member. BRICS countries have a combined GDP of over $18 trillion, which makes up nearly 25% of the world's GDP. By joining BRICS, countries can gain access to this large market and tap into the economic potential of these emerging economies. Moreover, BRICS members are known for their high growth rates and low inflation rates, which makes them an attractive destination for foreign investment while also reducing dependence on other nations.

2. Political Influence
Another reason why countries want to join BRICS is the political influence that comes with being a member. BRICS members are known for their assertive foreign policies and their desire to challenge the existing global order. By joining BRICS, countries can align themselves with this group and gain a louder voice in global affairs. This is particularly important for smaller countries that may not have the same level of influence as larger nations, B.R.I.C.S countries are reported to have less influence than other nations.

3. Strategic Partnerships
Finally, countries want to join BRICS to form strategic partnerships with these emerging economies. BRICS members are known for their strong ties with each other, and by joining this group, countries can benefit from these partnerships. For example, Brazil and China have formed a strategic partnership in which China invests heavily in Brazil's infrastructure projects in exchange for access to Brazil's natural resources hence, It also gives an equal exchange of their specialty boosting the exports and imports of the country.

In conclusion, there are several reasons why most countries want to join BRICS. These include the economic benefits that come with being a member, the political influence that comes with aligning oneself with this group, and the strategic partnerships that can be formed with these emerging economies. As the world becomes more interconnected, we will likely see more countries seeking to join BRICS in the future.