About BRICS.
In 2006, Brazil, Russia, India, and China created a group called BRIC. Later, in 2010, South Africa joined, and it became BRICS.
This group brings together important developing countries to work together and challenge richer nations. In 2024, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE were invited to join. Four of them have joined, and Saudi Arabia might join soon.
BRICS countries represent 45% of the world’s population, have a huge economy, and produce a lot of the world’s oil, making them an influential group. They aim to work together in many areas, such as economics, politics, and culture.
The 2024 BRICS summit was held in Kazan, Russia. The summit ended with the Kazan Declaration, marking its success.
The Kazan Declaration.
The Kazan Declaration discusses many essential things like world politics, artificial intelligence, and saving endangered animals.
Leaders want to promote peace and help our world grow better. They talked about the Russia-Ukraine and Israel-Gaza wars but didn't give detailed solutions.
They want to increase trade and payments in local currencies and create new cross-border payment system initiatives that could help their economies grow.
They also want to collaborate to strengthen health systems, which will help protect everyone during emergencies.
BRICS pay.
Russia suggested that the BRICS countries develop their own payment systems. This way, they wouldn't need to use the US Dollar for every payment. They could use systems like India’s Unified Payment Interface (UPI) to make it easier.
With this new system, countries can pay each other using their own money, making payments faster and better.
There was even talk about a special BRICS banknote. Some people wonder if there will be a common currency called “the Unit” with the flags of the founding countries. But there’s no official announcement yet.
