What to Expect at the BRICS Summit 2023
The BRICS Summit 2023 agenda is expected to cover trade and investment facilitation, sustainable development, innovation, and global governance reform. However, one of the key points in this 15th BRICS summit will be a discussion of the BRICS’s controversial proposition of a new, gold-backed currency.
This policy reflects the BRICS’s desire to reduce reliance on the U.S. dollar, although many question the motivations behind it. Some suggest that the move is designed to cement the BRICS’s place at the head of the global economy, while others think that it is designed as a reactive measure to economic problems within the group. Either way, it is likely that a perceived weakness of the US both economically and diplomatically has BRICS members contributed to the timing of the announcement. To read entire article click link.
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BRICS is an acronym that represents an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The term “BRICS” was coined by Jim O’Neill in 2001 when he was an economist at Goldman Sachs. He used this acronym to refer to these five countries, which were identified as having significant economic potential and growth prospects in the coming decades.
Each of these countries is a significant player in the global economy, and together they represent a considerable share of the world’s population, land area, and GDP. The BRICS nations are characterized by their large populations, substantial natural resources, and rapid economic growth rates.
The BRICS countries have held regular summits since 2009 to discuss various issues related to economics, finance, trade, and international relations. They aim to enhance cooperation among themselves and promote development and growth in their respective regions and globally.
While the BRICS countries have experienced economic growth and geopolitical influence, they also face challenges and differences in their political systems, economic policies, and development stages. Nevertheless, they continue to play a significant role in shaping the world’s economic landscape and collaborate on various issues of mutual interest.