Russia is set to host the 16th BRICS summit from October 22 to 24 in Kazan, marking a significant milestone as the group convenes for the first time since expanding its membership from five to ten nations.
Originally established in 2006 by Brazil, Russia, India, and China, the four-member group aimed to create a new cooperation mechanism that represents the strengths and interests of emerging market countries. The group was initially given the acronym BRIC based on the initials of its founding members.
The expansion of BRICS reflects the growing appeal of the group to many countries around the world. As emerging markets seek platforms to voice their interests and collaborate on economic and political issues, BRICS offers an avenue for cooperation and development. The increase in membership from five to ten nations underscores the importance of unity among emerging economies in addressing global challenges.
The upcoming summit in Kazan will provide an opportunity for the expanded membership to discuss strategies for mutual growth and to strengthen ties among member countries. This collective approach aims to enhance their influence on the global stage and promote a more equitable international order.
Reference(s):
cgtn.com
