from Sputnik News:
BRICS leaders are gearing up for their much-anticipated South Africa summit. Since the bloc’s creation at a forum in St. Petersburg in 2006, BRICS has come to represent the aspirations of the developing world to challenge the economic hegemony of the collective West. How does it plan to achieve this goal? Check out Sputnik’s explainer to find out.
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The summit of the leaders of Brazil, Russia, India, China, and South Africa (together, BRICS) is set to kick off on August 22 in Johannesburg, and will be the first face-to-face meeting the group has had since 2019.
Front and center at this year’s forum will be the possible creation of a common BRICS currency – an eventuality which could dramatically strengthen the bloc’s positions in global affairs. But more on this below. First, some basic answers to some basic questions.
How Did BRICS Come About and What is Its Purpose?
The association of Brazil, Russia, India, and China (or BRIC – South Africa would join in December 2010) came to fruition at the St. Petersburg Economic Forum in June 2006, when the economy ministers of the four founding members created the group to facilitate economic growth. The first official meeting of BRIC members took place on the sidelines of a session of the UN General Assembly in September 2006, with the first summit meeting occurring in Yekaterinburg, Russia in June 2009.
From the outset, the group of countries proposed and hammered out a variety of mostly economy-related goals, from joint investment opportunities and economic cooperation, to dealing with the 2008 financial crisis, global development, UN reform, and ensuring that “emerging and developing economies” have a “greater voice and representation in international financial institutions.”
