BRICS Expands Influence Amid Global Power Shift

The recent BRICS summit in Russia highlights its growing membership and ambitions to reshape global economic dynamics.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, has added Iran, Egypt, Ethiopia, and the UAE, with Saudi Arabia set to join soon.
The bloc now represents over 40% of the world's population and 35.4% of the global economy, surpassing the G7's economic share.
The Kazan Declaration reaffirms BRICS's commitment to multilateralism and existing international institutions, despite some members' controversial actions.
BRICS Pay, a blockchain-based payment system, aims to reduce reliance on the US dollar, potentially shifting significant trade flows within the group.
The G-20 faces pressure to reform and better represent the global south as BRICS+ gains traction as an alternative economic bloc.