NEW BRICS MEMBERS -
INTERNATIONAL RELATIONS
News: India participates in
ministerial meeting of expanded BRICS
What's in the news?
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The foreign affairs ministers of BRICS nations met
in Nizhny Novgorod, Russia on June 10.
Key takeaways:
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It was the first
ministerial meeting following BRICS expansion in 2023 when Egypt, Ethiopia,
Iran, Saudi Arabia, and the UAE joined BRICS as full-fledged members.
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India welcomed the new member countries joining the
BRICS as their representatives attended a key meeting of the grouping.
BRICS:
●
BRICS is an acronym that started as BRIC in 2001,
coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and
Russia.
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Later in 2010, South Africa was added to become
BRICS.
Current Members:
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Argentina opted to be out of BRICS 11. Hence, from 1st Jan,
2024 onwards, there are 10 members in BRICS.
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Old - Brazil, Russia, India, China, South Africa.
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New - Iran, Saudi Arabia, UAE, Egypt and Ethiopia.
Significance of Expanded
BRICS:
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BRICS countries include major world powers, such as
China and Russia, and countries which are major powers on their continent, such
as South Africa and Brazil.
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The expanded group (BRICS+) has a combined
population of about 3.5 billion, or 45%
of the world's population.
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Its combined economy is worth over $28.5tn - about 28% of the global economy.
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BRICS countries will also be producing about 44% of the world's crude oil.
BRICS Summit 2024:
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The upcoming BRICS summit in Russia in October 2024
is set to undergo a significant transformation as it expands its membership to
include five new nations alongside the original founding five viz. Brazil,
Russia, India, China, and South Africa.