BRICS is an economic grouping of Brazil, Russia, India, China and South Africa that was created in 2010 when South Africa joined its predecessor BRIC. The original acronym “BRIC” or “BRICs” was coined in 2001 by Goldman Sachs economist Jim O’Neill to describe the fast-growing economies that will collectively dominate the world economy by 2050. The 15th summit of BRICS is going to happen in Johannesburg, South Africa on 23rd August, Wednesday. This will be the largest gathering of this grouping since its formation in 2001. More than 23 countries all over the world have formally applied to join the BRICS. China has already made its intention clear by pushing for the expansion of this grouping to build as a rival of G7. In terms of global GDP Share BRICS have already overtaken the G7.

The leaders from 50 different countries will join the member countries in the meeting, except Vladimir Putin, Russia’s president, who is joining the summit virtually. Intels report suggested that “Russia, China and the Global South are lining up against the G7.” The BRICS agenda is no longer on the West’s mind. None of the members of this group chose sanctions against Russia or condemned it in the United Nations. In addition, the BRICS countries have talked about dismantling the dollar, which would weaken the role of the US dollar as the global default currency. 

The 23 countries that have formally applied to join the organisation are; Algeria, Argentina, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Egypt, Ethiopia, Honduras, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, Venezuela, and Vietnam. 

The BRICS nations appeared to accept the absence of Russian President Vladimir Putin. Due to strong pressure from the West and findings from local courts, South Africa suspended hosting Putin after putting up a brave front. The International Criminal Court is behind Putin, and as a signatory to the treaty, South Africa is bound to arrest him. As a result, just as in the G20 summit in Bali last year, Putin will virtually join the summit, while the Russian delegation will be led by Russian Foreign Minister Sergei Lavrov.

Ministry of External Affairs diplomat Dammu Ravi while addressing a BRICS seminar in Johannesburg, said “The countries are trying to join the BRICS to complete the unfinished business of the last century. He explained that the unfinished business was seeking economic advantage after successfully fighting for its freedom and independence from colonial rule. So as we experience economic growth, we must also ensure that it brings prosperity to all our people. As the nations spread, the desire to be part of (BRICS) spreads. Therefore, 23 countries apply to join the BRICS.”