Media ININ Economy We Trust
Aug 24
In 2009, the idea of “BRICS” began from the South African economist Jim O’Neill, chief researcher at Goldman Sachs Bank, with a research paper on the expected economic growth and its potential in the countries of Brazil, Russia, India and China, in the event that economic visions converge.
Indeed, based on that vision, the BRICS economic bloc was established in 2009, as a forum at the beginning, serving as a platform to start challenging the global economic system that is controlled by the United States of America and its European allies.
The group system stipulates that each of the member states, who started with 4 countries in 2009, then 5 countries in 2010, and now they have become 11 countries with the accession of the last six countries, provides for an annual meeting of the heads and governments of the member states, with each country assuming the presidency of the group for a year.
The group was founded by Brazil, Russia, India and China, then South Africa joined the membership in the first expansion of the group in 2010, so that the group bears the current name, which bears the first letters of the names of the member states.
Before the recent expansion, the member states represented 40% of the world’s population, in addition to the fact that they constituted 25% of the global economy, which will be multiplied by the accession of the six countries led by the UAE in addition to Saudi Arabia, Egypt, Argentina, Ethiopia and Iran, with the six countries having large economic and population forces that add weight to the group and make it the entity The largest population and economy in the world.
policies and choices
The group focuses in its policies on economic cooperation, raising the rates of trade exchange and global trade, in addition to multilateral development plans.
The BRICS group was chosen by the six joining countries (UAE, Saudi Arabia, Egypt, Ethiopia, Argentina and Iran), among the 40 countries that sought to join the group, most notably Algeria, Cuba, Congo, Kazakhstan and other countries, seeking to join BRICS as an economic alternative to the current bodies dominated by Western powers led by the United States of America. .
Bolivia’s President Luis Arce has expressed interest in BRICS membership, and his government said in July that it was determined to curb reliance on the US dollar in foreign trade, instead switching to the Chinese yuan, in line with the BRICS leaders’ stated goal of reducing reliance on the US currency.
Algeria also said last July that it had applied for BRICS membership and become a shareholder in the new development bank, called BRICS Bank.
The international dissatisfaction with the world order among developing countries has been exacerbated by the COVID-19 pandemic when life-saving vaccines were withheld from some countries, and also by unfair economic and ideological policies in recent years, which have caused many political and economic crises in many countries.
