2023 BRICS Summit: Things YOU need to know about this group

BRICS champions global governance, economic enhancement, and multipolar world order. The bloc contributes significantly to global GDP and trade, with strong growth through foreign investment. The 2023 summit heralds collaboration, growth, and sustainable development on a global scale, shaping the future of international cooperation.

From Tuesday, August 22 South Africa takes centre stage as the host of the prestigious 2023 BRICS Summit. A pivotal two-day event with worldwide resonance, this year's summit revolves around the theme: "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism."

What is BRICS?

The journey of BRICS, originally a concept coined by economist Jim O’Neill in 2001 to spotlight the high-growth nations of Brazil, Russia, India, and China, has evolved into a force to be reckoned with. Bolstered by shared interests and common challenges, these nations harnessed their collective potential. Over time, BRICS transcended its roots to include South Africa, further expanding its global reach.

Inaugural Meeting

The foundation of BRICS was set in motion through the inaugural meeting of foreign ministers in 2006, hosted by Russia during the United Nations General Assembly. Building on this momentum, the association's first leaders' conference was convened in 2009. With the addition of South Africa at the close of 2010, BRICS embraced another continent, broadening its influence and representation.

BRICS Mission Objective

According to officials, BRICS champions a fairer and more inclusive global governance system. Their mission encompasses the enhancement of global financial institutions and the advancement of a multipolar world order, amplifying the voices and aspirations of developing nations.

Formidable Economic Bloc

Today, BRICS constitutes a formidable economic bloc, contributing over one-quarter of global GDP and representing 42% of the world's population. 

Cumulatively, BRICS commands a staggering 27% of global GDP, and 20% of international trade. Notably, BRICS represents a significant slice of South Africa's global trade, with China contributing approximately 15% and India 6% in 2022.

BRICS Growth Trajectory

The United Nations Conference on Trade and Development affirms that foreign investment played a pivotal role in BRICS' growth trajectory, with annual foreign direct investment (FDI) inflows surging more than fourfold from 2001 to 2021.

In response to a complex global investment landscape, the BRICS economies are steadfastly moving toward a more supportive investment policy environment. Their commitment to leveraging foreign investment for sustainable development remains unwavering.

Demand for Membership 

Anil Sooklal, South Africa's BRICS ambassador, shared an exciting development: a whopping 40 additional countries have expressed interest in joining the BRICS fold. Among the prospective members are Argentina, Iran, Saudi Arabia, and the UAE.

With the 2023 BRICS Summit, the world eagerly awaits a strategic congregation that embodies collaboration, growth, and sustainable development on a global scale. Stay tuned as this summit amplifies BRICS' role as a dynamic force shaping the future of international cooperation and economic progress.