How Does Brics Differ From Other Intl Organizations & What Has It Achieved?

what is brics, how was brics formed, why was brics formed, how does brics differ from other international organizations, is brics important, what countries are members of brics, how rich are brics countries, how much gold do brics countries have, what has brics achieved

Svetlana Ekimenko

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The BRICS summit in Kazan on October 22-24 is the association’s main event during Russia’s presidency. Featuring over 200 various events, it is the first summit attended by the association’s new members.

In light of the gathering, it’s worth considering how BRICS differs from other international organizations.

BRICS was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. On January 1, 2024, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia became full members, while Russia assumed the BRICS presidency.

BRICS began engaging with third-party countries in the early 2010s through the “BRICS Plus/Outreach” format. Around 40 countries are interested in cooperating with the group in various ways.

BRICS is a «club of like-minded» members, not a bloc like NATO or the EU, and lacks a charter, budget, secretariat, and supranational structures.

BRICS reserves cover - Sputnik International, 1920, 21.10.2024

How Much of the World’s Gold Reserves Are Held by BRICS Nations?

The expanded BRICS represents about 45% of the world’s population (~3.6 billion people) and a combined nominal GDP of $28.5 trillion (IMF, 2023).

BRICS now accounts for 36% of global GDP (PPP), surpassing the G7’s 29.3% and the EU’s 14.5%.

BRICS’ 2024 growth is forecast at 4%, versus 1.7% for the G7 and 3.2% globally, Putin said at the BRICS Business Forum.

The BRICS bloc holds $45 trillion in investable wealth, according to the January 2024 BRICS Wealth Report.

BRICS nations collectively account for 45% of global crude oil production.

BRICS countries hold over 20% of global gold reserves, led by Russia (2,340 tons) and China (2,260 tons), according to Sputnik’s calculations using World Gold Council data.

BRICS accounts for 25% of global exports. In 2023, Russia’s trade reached $228 billion with China, $57 billion with India, and $13 billion with Brazil and South Africa.

BRICS founded the New Development Bank (NDB) in 2014 to fund infrastructure and sustainable development projects in member states and emerging markets. The NDB’s authorized capital is $100 billion.

Since 2016, the NDB has invested in 138 projects across China, India, Brazil, Russia, South Africa, Bangladesh, and Egypt, according to its website.

Amid Western sanctions, around 65% of settlements between Russia and BRICS partners now use national currencies.

BRICS ECONOMIC DOMINANCE TAKING SHAPE, WEST CAN DO NOTHING ABOUT IT – FRENCH POLITICIAN
The economic dominance of the BRICS countries is already taking shape, and Western countries will not be able to do anything about it, Florian Philippot, the leader of the French Patriots… pic.twitter.com/HjtBtKqKnh
— Sputnik (@SputnikInt) October 22, 2024

What is BRICS working on?

BRICS is developing tools for an inclusive financial system, including a common unit of account (Unit), multilateral settlement platform (BRICS Bridge), blockchain payment system (BRICS Pay), settlement depository (BRICS Clear), insurance system, and independent rating agency.

Preparations for the 16th BRICS Summit in Kazan. The 16th BRICS Summit will be held in Kazan on October 22-24 - Sputnik International, 1920, 22.10.2024

BRICS Economic Dominance Taking Shape, West Can Do Nothing About It – French Politician

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What is BRICS working on?

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How Does Brics Differ From Other Intl Organizations & What Has It Achieved?

What is BRICS working on?

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