Overview

• BRICS, the economic group backed by China and Russia, has seen a surge in membership applications, with 34 countries expressing interest in joining the bloc.
• Russia has taken over the rotating chairmanship of the group this year and is overseeing the expansion, which is seen as a win for both China and Russia.
• Six new countries, including Iran, Saudi Arabia, the United Arab Emirates, Ethiopia, and Egypt, have recently joined the group, while Argentina declined the invitation.
• The expansion of BRICS is seen as an alternative to the US-dominated international system, with the group pushing for more diplomatic and financial coordination, including a move away from a US dollar-dominated trade system.
• Finance ministers are working to develop the use of local currencies for payments between member states and international payment platforms.