BRICS looking to exert more influence
BRICS (Brazil, Russia, India, China, and South Africa) have overtaken the G7 in terms of their share in the global GDP. G7's share in global GDP has fallen to 30% while that of the current BRICS five has increased to 31.5%.
By 2030, it is anticipated that the BRICS will contribute more than 50% of the World's Economy.
China has sought to increase its influence within the organisation and has used it to promote its idea of a multipolar world order.
China also wants to expand the bloc to include more members and expand its sphere of influence. Nineteen countries, including Saudi Arabia and Iran, are willing to join the group, and it will have a wider scope to push the new idea.
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In the aftermath of the Russian invasion of Ukraine, BRICS nations have decided to create a new currency to reduce over-reliance on US dollars.
