BRICS 2024 - PM MODI & Vladimir Putin | XI Jinping to meet Modi Ji | Russia Answer West

BRICS 2024 - PM MODI & Vladimir Putin | XI Jinping to meet Modi Ji | Russia Answer West

The BRICS countries, an acronym for Brazil, Russia, India, China, and South Africa, represent a significant coalition of emerging economies that initially came together to foster economic cooperation and development among its members. These nations, collectively, account for a substantial portion of the world's population, land area, and economic output. Their cooperation aims at creating a more balanced global economic system, challenging the dominance of Western economies, particularly in financial and political forums like the IMF, World Bank, and the United Nations. Over the years, BRICS has evolved from a mere economic concept to a geopolitical platform, discussing reforms in global governance, advocating for more inclusive global economic policies, and even exploring alternatives to the US dollar in trade among each other.

In recent developments, BRICS has shown interest in expansion, potentially altering global economic dynamics even further. This move, often discussed under the banner of "BRICS Plus," seeks to include other significant emerging markets or countries that share similar economic visions or geopolitical interests. This expansion could enhance the group's influence, providing a broader platform for countries seeking to hedge against Western economic systems or to gain leverage in global negotiations. However, the inclusion of new members also brings challenges, such as managing diverse political systems, economic disparities, and potential conflicts of interest, which could test the cohesion and effectiveness of the group. The strategic expansion and deepening of economic ties within BRICS could lead to a more multipolar world, where economic power is less centralized.