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Daily News Analysis June 2024 ‘BRICS Expansion’: June 11

India welcomed Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining BRICS as their representatives attended their first key meeting hosted by Russia.

Table of Content

About BRICS:

    • The term BRIC was first used in 2001, but Brazil, Russia, India, and China officially established it as a bloc in 2009; South Africa joined in 2010.
    • BRICS was established as an economic forum to reshape the multilateral system and promote a fairer global order.
    • BRICS represents over 45% of the world’s population (With China and India 86% of BRICS).
    • BRICS represents 36% of the Global GDP.
    • BRICS represents 25% of World Trade, measured in terms of exports.
    • Russia assumed the Chairmanship of BRICS on 1st January 2024.
  • The New Development Bank (NDB) was formally known as the BRICS Development Bank established in 2014.
    • NDB is a multilateral bank focused on financing infrastructure projects and sustainable development.
    • BRICS Headquarters: Shanghai, China.
  • After 13 years, BRICS expanded in 2023, admitting Saudi Arabia, Egypt, Ethiopia, Iran and UAE.

Why in the News?

  • India welcomed Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining BRICS as their representatives attended their first key meeting hosted by Russia.