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?
This story is from the August 30, 2023 edition of The Statesman.
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This story is from the August 30, 2023 edition of The Statesman.
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