Dear Editor,
BRICS is a group of 5 countries, i.e., Brazil, Russia, India, China, and South Africa. The BRICS nations encompass about 27% of the world’s land surface and 42% of the global population. Brazil, Russia, India, and China are among the world’s ten largest countries by population, area, and GDP (PPP), and are emerging superpowers. All five BRICS countries are members of the G20, with a combined nominal GDP of US$28 trillion (about 27% of the gross world product), a total GDP (PPP) of around US$57 trillion (33% of global GDP PPP), and an estimated US$4.5 trillion in combined foreign reserves (as of 2018).
It is predicted that the economies of the BRICS emerging superpowers would collectively dominate the global economy by 2040. The BRICS group, at the 15th BRICS Summit in August 2023, inducted six new countries into the group. Leading oil-producing nations Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia will join the alliance in January 2024. Argentina is the only new BRICS member that does not produce and export oil. Guyana, a leading oil-producing nation, will have substantial benefit and global influence by joining the BRICS group
BRICS leaders have said they want to use their national currencies for cross-border transactions instead of the US dollar, which strengthened sharply last year as the Federal Reserve raised interest rates and Russia invaded Ukraine, making dollar debt and many imports more expensive. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit. The BRICS nations are considered a geopolitical rival to the G7 bloc of leading advanced economies
The BRICS group announce competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, the BRICS payment system, the BRICS Joint Statistical Publication and the BRICS basket reserve currency. Since 2022, the group has sought to expand membership, with several developing countries expressing interest in joining. One common thread among the 11-member BRICS group is their unwillingness to be tied to the U.S. dollar. Today, the USA controls the global financial sectors that includes banking, trade, and foreign exchange.
Regards.
Shiv Maharaj, PhD
