The formation of BRICS - a key tie-up of countries barring the conventional ones-was rooted in the long-term common economic interests of the member countries.
Reforming the global financial and economic architecture, strengthening the principles and standards of international law and supporting the complementarities in many sectors of their economies were the key pointers taken care of while forming this alliance.
BRICS is an important grouping bringing together the major emerging economies from the world, comprising 41% of the world population.
The alliance is also significant in terms of economic strengthening as it comprises 24% of the world GDP and over 16% share in the world trade.
In a major development, at the 15th BRICS Summit, six countries - Iran, Saudi Arabia, UAE, Ethiopia, Egypt and Argentina were invited to join the group.
How will it help India?
Diese Geschichte stammt aus der August 30, 2023-Ausgabe von The Statesman.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der August 30, 2023-Ausgabe von The Statesman.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Ponting predicts 3-1 triumph for Oz in Border-Gavaskar series
Former captain Ricky Ponting predicted a 3-1 victory for Australia in the Border-Gavaskar Trophy against India as he feels the visitors will find taking 20 wickets in a Test as the \"biggest challenge\" in the absence of Mohammed Shami.
Days after CA lifts leadership ban, David Warner named Sydney Thunder captain
Days after Cricket Australia lifted the leadership ban on David Warner due to his role in 'Sandpaper-gate' during the Newlands Test in 2018, the former Australia batter was appointed captain of Big Bash League (BBL) team Sydney Thunder.
ISL: Kerala Blasters FC, Hyderabad FC strive to boost struggling campaigns
Both Kerala Blasters FC and Hyderabad FC will aim to give their struggling campaigns some much needed boost when they meet in an Indian Super League (ISL) clash in Kochi on Thursday.
For first time in a decade, Kohli slips out of top-20 in Test rankings
Former Team India captain suffers dramatic fall in ICC rankings after poor New Zealand series
Luis Enrique heaps praise on Atletico coach Simeone
Paris Saint Germain head coach Luis Enrique has expressed great admiration towards Atletico Madrid boss Diego Simeone, having played against the Argentine 14 times during his stint as FC Barcelona manager.
Martinez returns to Argentina squad for World Cup qualifiers
Goalkeeper Emiliano Martinez is set to return to Argentina's national squad for the upcoming World Cup qualifiers after serving a suspension.
Champions League: Real Madrid head coach Ancelotti laments lack of 'solidity' after AC Milan humiliation
After his side's disappointing defeat against AC Milan in the UEFA Champions League (UCL) at the Santiago Bernabeu, Real Madrid head coach Carlo Ancelotti said that they are struggling to find that solidity.
Nikhat Zareen hails bid to host 2036 Olympics
After India made a formal bid to host the 2036 Olympics, two-time world champion boxer Nikhat Zareen said the bid would motivate sportspersons but called for the need to establish Sports Authority of India (SAI) centres in every state to foster overall sports development, essential for staging such a prestigious event in the country.
AC Milan thrash Real Madrid 3-1; Sporting CP, Liverpool also win
Milan puts defending champion's chances for knockout stage in doubt while Sporting, Liverpool also win big
Assam government suspends five officers for dereliction of poll duties
In a move to uphold administrative discipline, the Assam government has suspended five Assam Civil Services (ACS) officers for allegedly neglecting their assigned election duties.
