Shettima joined other business and political leaders across the world at the Summit which started Tuesday, August 22 and is to end Thursday, August 24.
Here is all you need to know about BRICS;
1. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. It is a group of five major emerging economies that have been collectively growing at a fast rate. The BRICS countries have a combined population of over three billion people and a combined GDP of over $20 trillion. The objectives of the bloc primarily revolve around enhancing economic cooperation, promoting political dialogue, and amplifying the voices of emerging economies on the global stage.
2. The BRICS countries first came together in 2006 for a meeting of finance ministers and central bank governors. The first summit of BRICS leaders was held in 2009. Since then, the BRICS countries have held summits every year.
3. The BRICS countries have a number of common interests. They are all committed to economic development and poverty reduction. They are also all interested in reforming the international financial system.
4. The BRICS countries have also worked together on a number of specific initiatives. For example, they have established the BRICS Development Bank and the BRICS Contingent Reserve Arrangement.
5. Politically, BRICS members also seek to align their political interests on various global issues. Their joint efforts often involve advocating for multipolarity in international relations, calling for a more equitable distribution of power in global institutions, and collaborating on matters like climate change, counterterrorism, and cybersecurity.
6. BRICS has achieved several notable milestones. The establishment of the NDB in 2014 marked a significant stride towards providing funding for infrastructure and sustainable development projects in emerging economies. The CRA, functioning as a safety net, has bolstered the financial stability of member countries.
Here are some other key facts about BRICS:
1. The BRICS countries account for about 25% of the world’s population and 16% of the world’s GDP.
2. The BRICS countries are all major exporters of commodities, such as oil, gas, and metals.
3. The BRICS countries are all facing a number of challenges, such as rising inequality, corruption, and environmental degradation.
4. The BRICS countries are working together to address these challenges and to promote their shared interests on the global stage.
