Overview

• 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.