BRICS (Brazil, Russia, India, China, and South Africa) is an important grouping that brings together major emerging economies from around the world.
Iran, Saudi Arabia, United Arab Emirates (UAE), Egypt and Ethiopia become full fledged members of BRICS
The Russian Federation hosts the year long presidency of BRICS for 2024.
Three Pillars of BRICS:
Political and Security: Deliberations on important global issues.
Economic and Financial: Cooperation in economic matters.
Cultural and People-to-People: Enhancing cultural ties.
Financial Aspects of BRICS:
New Development Bank (NDB): Established to finance infrastructure and sustainable development projects.
BRICS Contingent Reserve Arrangement (CRA): A financial safety net to address balance-of-payments problems.
BRICS Payment System: A mechanism for cross-border transactions.
How a new member nation is added to BRICS?
To join BRICS, a country must express interest, becoming a prospective member.
It then engages in consultations with existing BRICS members, who evaluate its alignment with BRICS principles and standards.
If a consensus is reached, the country is formally invited to join.
Upon accepting the invitation, the country becomes a full-fledged BRICS member.