16th BRICS Summit Begins in Tatarstan, Russia

The 16th BRICS Summit is set to begin today in the semi-autonomous region of Tatarstan, Russia, with delegations from 32 countries expected to participate, alongside member nations. The event, held in the city of Kazan, is themed “Strengthening Global Development and Security.”

The first phase of the BRICS Summit will take place over the next two days, and will feature the presence of UN Secretary-General António Guterres. According to media reports, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi will be among the key leaders attending the summit.

During the summit, a strategic partnership agreement with Iran is expected to be signed, and Saudi Arabia’s status within the organization will be clarified. The second phase of the event will see 38 countries invited, with 32 having confirmed their participation.

The BRICS organization consists of Brazil, Russia, India, China, and South Africa, with recent additions including Egypt, the United Arab Emirates, Iran, and Ethiopia. Around three dozen nations, including Turkey, Azerbaijan, Algeria, Malaysia, Syria, Belarus, Thailand, and Pakistan, have expressed interest in joining the bloc, with many having already submitted formal applications.

**Why is the BRICS Group Important?**

The BRICS countries, representing a combined population of 3.5 billion people, have gained significant importance on the global political and economic stage in recent years. These nations account for 28% of the global economy, with their combined economies valued at over $28.5 trillion.

According to the World Bank, China is the largest BRICS economy with a GDP of $17.96 trillion, followed by India at $3.39 trillion. Russia ranks third with a $2.24 trillion economy, while Brazil and Saudi Arabia each have economies worth $1.92 trillion, making them the fourth largest within the bloc.

However, a report from the American think tank, the Atlantic Council, notes that BRICS countries hold only 15% of the voting rights at the International Monetary Fund (IMF), reflecting their underrepresentation in global financial institutions.

**What is the BRICS Group?**

BRICS was originally founded by Brazil, Russia, India, and China as a coalition of developing countries under the acronym “BRIC.” In 2010, South Africa joined the alliance, expanding the group’s name to BRICS. The organization aims to unite the world’s most significant developing economies on a single platform and challenge the political and economic dominance of developed Western nations.

In 2014, the BRICS nations established the New Development Bank (NDB) with a capital of $250 billion to provide developmental loans to emerging economies, further cementing their collective economic influence.