Two day BRICS summit in Kazan from today... know the complete ABCD of this organization

BRICS Summit 2024 / Two day BRICS summit in Kazan from today... know the complete ABCD of this organization

BRICS Summit 2024 - Two day BRICS summit in Kazan from today... know the complete ABCD of this organization

BRICS Summit 2024: Prime Minister Narendra Modi recently started his two-day visit to attend the 16th BRICS summit being held in Kazan, Russia. In this summit, he will meet major world leaders like Russian President Vladimir Putin and Chinese leader Xi Jinping. The BRICS group, which is trying to challenge the global dominance of the US, is gaining popularity. Many countries around the world are expressing their desire to join this group.

Rise and expansion of BRICS

BRICS was formed in the 1990s on the initiative of India, Russia and China, and it was formally established on 16 June 2009. Initially it included only India, Russia, China and Brazil, but after the inclusion of South Africa in 2010, it was named BRICS. Now the number of members of this group is increasing, and a proposal to include Saudi Arabia, Argentina and other countries from January 1, 2024 has also been approved.

BRICS towards the new world order

BRICS is being seen as a strong group, which raises the voice of developing countries on the global platform. Now this organization is expanding rapidly, due to which many countries like Turkey, Azerbaijan and Malaysia have also applied to join BRICS. This indicates that global interest is increasing towards BRICS, which can challenge NATO and G7, which are under the influence of America.

BRICS's approach against Western countries

Russia and China are trying to form an alliance through BRICS, which can challenge the supremacy of America. According to Russian Foreign Minister Sergei Lavrov, the purpose of BRICS is not to challenge anyone, but it is a symbol of change. He clarified that the approach of BRICS against Western countries is not negative.

Economic and political importance of BRICS

The main objective of BRICS is to reduce American influence and provide political and economic security. Countries like Saudi Arabia and Turkey want to reduce dependence on America by joining this group. BRICS countries account for 28% of global GDP, and its expansion is increasing the possibility that this organization can overtake the G7.

BRICS meetings and future plans

So far 15 BRICS summits have been held, out of which three (2020, 2021, 2022) were held virtually due to the Corona epidemic. India has hosted BRICS in 2012, 2016 and 2021. This time Russia is chairing BRICS, and the whole world is watching this summit being held in Kazan.

Possible impact on America

BRICS countries are now considering trading oil through local currency, which could cause an economic shock to America. If BRICS countries decide to trade in local currency, it could lead to a decrease in the global reserves of America's currency.

Conclusion

Prime Minister Modi's visit to Russia and the BRICS summit are indicating important changes at the global level. The expansion of BRICS and the involvement of developing countries can take this group in a new direction. There is growing talk about BRICS' efforts to challenge US dominance, and it will be interesting to see what kind of new possibilities and strategies emerge from this summit.