Monday, May 27, 2024

BRICS economies x numbers = $44 trillion + 17% of world trade


By: Isra Ahmed Fuad

Tuesday, August 22, 2023 11:18 am

Today, the “15th Summit of the GroupBrix“, in Johannesburg, titled “BRICS and Africa: Partnership for Accelerated Growth, Sustainable Development and Mutually Inclusive Multilateralism”, with the participation of the leaders of the 4 member states, will last for 3 days till Thursday, August 24. Chinese President Xi Jinping and Brazilian President Lula da Silva, India Prime Minister Narendra Modi, South African President Cyril Ramaphosa and Russian President Vladimir Putin will participate through video technology.

According to a report by Sky News Arabia, by the end of 2022, the size of the BRICS economies will be about $44 trillion, and the group will control 17% of world trade, according to data from the World Trade Organization, the current BRICS countries will control 27%. The total land area of ​​the world is 40 million square kilometers.

The population of the Alliance is 3.2 billion, which is equivalent to about 42% of the total population of the Earth, while the population of the G7 countries is about 800 million. Data from the International Monetary Fund indicate that the size of China’s economy alone is larger than 6 economies (G7), namely Germany, Italy, Japan, Canada, France and the United Kingdom.

BRICS is a political organization that began negotiations in 2006 and stands for four member countries (Brazil, Russia, India and China). BRIC South Africa later joined the group in 2010Brix“.

The idea of ​​the BRICS grouping was first coined by Goldman Sachs Chief Economist Jim O’Neill in 2001 under the title “Building Better BRICS Global Economies”.

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The BRICS group is working to achieve a set of economic, political and security goals and objectives by 2050 to break the hegemony of the US-led West, build a bilateral global economic system, strengthen security and peace and cooperation in the world.

Rolf Colon
Rolf Colon
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