The first event of Brazilian President Luiz Inácio Lula da Silva’s long-awaited visit to China is the official swearing-in ceremony of Dilma Rousseff as president of the New Development Bank (popularly known as the BRICS Bank) this Thursday, April 13.
The appointment of the former president of Brazil to the post demonstrates the priority that Lula will give to the BRICS countries (Brazil, China, India, Russia and South Africa) in his government. […]
After the last BRICS Summit in 2022, hosted by Beijing and held online, the idea of expanding the group was strengthened, and more countries are expected to join this year. Three countries have already officially applied to join the group (Argentina, Algeria and Iran), and several others are publicly considering doing so, including Indonesia, Saudi Arabia, Turkey, Egypt, Nigeria and Mexico.
The BRICS countries occupy an increasingly important place in the world economy. In GDP at purchasing power parity (PPP), China is the largest economy, India is third, Russia sixth, and Brazil eighth. BRICS now represents 31.5% of the global GDP PPP, while the Group of Seven’s share has fallen to 30%.
The BRICS countries are expected to contribute more than 50% of global GDP by 2030, with the proposed enlargement almost certainly bringing that forward. […]
South Africa and India have not only refused to yield to NATO pressure to condemn Russia for the conflict or impose sanctions on it, but they have moved even closer to Moscow. India, which in recent years has been closer to the United States, seems to be increasingly committed to the Global South’s strategy of cooperation. […]
The two most important instruments created by BRICS are the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). Läs artikel