BRICS
6 May 2016 By PDSNETBrazil, Russia, India, China and South Africa have formed an economic alliance as emerging economies to promote economic growth and co-operation. The BRICS block is seen as opposing the European Economic Community with a combined population of 2,5 billion people and Gross Domestic Product of around $10 trillion. In 2023 there has been speculation in the media about other countries joining the BRICS such as Saudi Arabia and at the BRICS meeting in Johannesburg in August 2023 six new members were approved - Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates (UAE). There are at least a further 13 countries that have applied for membership. BRICS has been considering launching an alternative international currency to compete with the US dollar, but the effectiveness of this idea is suspect in our view. The New Development Bank is a part of BRICS and South Africa has obtained considerable funding from it.
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