The BRICS Phenomenon: Shifting the Global Balance of Power
BRICS has been the hottest topic of discussion this past week as the global economic instability continues to grow.
BRICS represents five significant economies, Brazil, Russia, India, China, and South Africa. and is striving to establish its own currency, BRICS, to minimize the impact of the US on global trade through de-dollarization.
The original intention behind the BRICS was to draw attention to investment prospects, and it was not established as an official intergovernmental body.
However, over time, the group has evolved into a more unified geopolitical entity, with member governments convening at formal summits and collaborating on multilateral policies, starting in 2009.
Currently, the BRICS alliance consists of these five countries, but nineteen other nations have shown interest in joining. The alliance is attracting interest from other countries worldwide.
The BRICS Summit is set to take place in August in Cape Town, and expansion is likely to be a topic of discussion.
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The New Development Bank, established by the BRICS nations, aims to finance infrastructure and sustainable development projects in member states and developing countries.
This year, the NDB welcomed three new members, Bangladesh, the UAE, and Egypt, who were approved years ago.
While they are not full members of the BRICS alliance, their involvement, and support will likely be discussed at the upcoming summit.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
