The BRICS Summit is an annual meeting of the heads of state or government from the BRICS countries.
BRICS is an acronym that represents five major emerging economies: Brazil, Russia, India, China, and South Africa.
These countries come together to discuss various political, economic, and strategic issues of mutual interest.
The BRICS grouping initially started as "BRIC" in 2001 when it consisted of Brazil, Russia, India, and China. South Africa joined in 2010, expanding the group to BRICS.
The member countries are known for their significant influence on regional and global affairs.
The primary objectives of BRICS are to promote cooperation and dialogue between member countries on various issues
including political and security matters, economic and financial cooperation, social and cultural exchanges, and more.
BRICS leaders hold an annual summit meeting to discuss these issues and strengthen their ties.
These meetings also provide a platform for discussing global challenges, such as climate change, terrorism, and global economic governance.
The host country for the BRICS Summit rotates among the member nations.
Each year, one country takes on the role of hosting the summit, with the host country's leader serving as the chairperson of the summit during that year.
BRICS cooperation covers a wide range of areas, including trade and investment, science and technology, education, culture, and more.
They also collaborate on international issues like reforming global financial institutions, addressing climate change, and advocating for a multipolar world order.
One significant achievement of BRICS is the establishment of the New Development Bank (NDB), formerly known as the BRICS Development Bank.
It was established in 2014 and aims to provide funding for infrastructure and sustainable development projects in BRICS countries and other emerging economies.
BRICS countries often engage in outreach and dialogue with other nations and regional organizations.
These engagements are meant to promote cooperation and foster stronger ties with other parts of the world
BRICS faces challenges such as economic disparities among member countries, political differences, and questions about the long-term viability of the grouping.
Additionally, as the global geopolitical landscape evolves, BRICS has had to adapt to changing circumstances.
The BRICS Summit serves as a platform for member countries to strengthen their relationships and collaborate on various issues of common interest, with the aim of promoting mutual development and contributing to global stability and prosperity.