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Geopolitical Economy Report
BRICS grows, adding 13 new 'partner countries' at historic summit in Russia
Oct 25, 2024
At a historic summit in Russia, BRICS welcomed 13 new partner countries, expanding its influence as a key player in the Global South. The conversation highlights the group's aim for a multipolar world and a challenge to US dollar dominance. Key topics include the resolution of China-India tensions and the creation of alternative financial systems. The leaders emphasized the need for global equity and support for Palestine, while pushing for reforms in international institutions to better represent developing nations.
29:53
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Quick takeaways
- BRICS's expansion to include 13 new partner nations illustrates a significant shift towards a multipolar world seeking alternatives to Western dominance.
- Diplomatic progress between China and India during the summit highlights BRICS's role in stabilizing geopolitical tensions while reshaping global economic dynamics.
Deep dives
Expansion and Influence of BRICS
BRICS continues to grow in stature and significance on the global stage, having expanded from its original group of Brazil, Russia, India, and China, to now include nine members after adding Iran, Egypt, Ethiopia, and the United Arab Emirates. The organization's commitment to transforming the global financial system aims to create more opportunities for economic development among its members. Moreover, the upcoming summit in Kazan is expected to see 13 additional countries join as partners, indicating a rising interest in BRICS from nations seeking alternatives to Western-dominated structures. This expansion highlights BRICS's position as a significant player in global economics, especially as it already represents over one-third of global GDP and more than 40% of the world’s population.
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