The BRICS countries (Brazil, Russia, India, China and South Africa) are a group of emerging economies that are increasingly gaining global importance. Together, these countries represent a large proportion of the world's population and economic output, making cooperation between these five countries of strategic importance for the global economy and politics. They pursue common interests and strive to consolidate their economic and political power. Read all BRICS news from the Table.Briefings editorial team here. What is BRICS? BRICS is a political and economic alliance founded in 2006 and comprising Brazil, Russia, India, China and South Africa. The five countries saw themselves as emerging economies with common interests, including greater participation in global decision-making processes and reform of international financial institutions such as the IMF and the World Bank. BRICS News: The goals of the BRICS countries The BRICS have set themselves the following goals: Economic cooperation: Political goals: BRICS News: What has been achieved so far? The New Development Bank was officially founded by the BRICS countries in July 2014. This multilateral development bank aims to finance infrastructure projects and sustainable development in the BRICS countries and other developing countries. Also in 2014, the BRICS countries signed the Contingent Reserve Arrangement. This fund serves as a kind of currency reserve to support member countries in times of economic crisis by providing short-term liquidity. BRICS News: Expanding cooperation Summits of the BRICS heads of state and government have been held regularly since 2010. These meetings are crucial for coordinating common positions on global issues and setting political and economic goals. These summits provide a platform for exchange and coordination on a wide range of global issues. Since their inception, the BRICS countries have expanded their cooperation beyond economic and political aspects to a wide range of areas reflecting their common interests and challenges. Since its inception, the BRICS countries have established themselves as an influential group of emerging economies that collectively strengthen their voice in global affairs. The formation of BRICS reflects the desire of these major emerging economies to use their collective economic power to have a greater say in international affairs and promote a more stable, balanced global economic order. By expanding their cooperation, they are not only contributing to regional development but also influencing the global agenda. The continuous deepening of their relations and the implementation of joint projects demonstrate their determination to promote a multipolar world order and jointly address the challenges of the 21st century. Read all BRICS news from the Table.Briefings editorial team here!
India: Putin assures Modi of energy supplies
Both countries are strengthening their partnership despite international pressure and are aiming for a trade volume of USD 100 billion by 2030.
By Julia Fiedler