Islamabad (monitoring desk)
The 16th BRICS Summit is currently underway in Kazan, Russia, from October 22 to 24, marking a significant milestone in the organization’s growth as a vital dialogue platform for emerging markets and developing nations ¹. This year’s summit is particularly notable, as BRICS has expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, further solidifying its position as a major player in global economic development ¹ ².
*BRICS: A Rising Force in Global Economics*
With its membership comprising 28% of world GDP and 22% of global exports, BRICS has become an essential component of the international economic landscape ¹. The organization’s cooperative mechanism has evolved over nearly two decades, establishing a comprehensive framework for multi-level, multi-sector collaboration ¹.
*Expansion and Interest*
The BRICS bloc has attracted significant interest from other nations, with over 30 states from the Global South expressing desire to join ¹. Countries like Gabon, Malaysia, Thailand, Indonesia, and Cuba are currently in the “waiting room,” awaiting potential membership ¹.
*Key Areas of Focus*
The summit is expected to address pressing issues, including:
– _Eroding Dollar Dominance_: BRICS members aim to reduce the US dollar’s influence in international transactions, exploring alternative currencies and digital payment systems ¹.
– _Global Economic Cooperation_: Discussions will focus on strengthening economic ties among member states and promoting sustainable development.
– _Geopolitical Collaboration_: The summit will provide a platform for member nations to address shared geopolitical concerns and interests.
As the 16th BRICS Summit continues, all eyes are on Kazan, Russia, where leaders will shape the future of global economic cooperation and development.
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