The grouping, which accounts for about a quarter of the world’s wealth, started out in 2001 as BRIC, an acronym of the four fastest growing economies Brazil, Russia, India and China.
Summit host South Africa officially became a member in late 2010, and is the only other country to have joined the bloc so far.
Its president Cyril Ramaphosa will host China’s President Xi Jinping, India’s Prime Minister Narendra Modi and Brazil’s President Luiz Inacio Lula da Silva for the annual three-day summit, with Russian President Vladimir Putin participating remotely.
A total of 34 leaders from Africa and the Global South will take part in the BRICS Summit in the coming days, including initiatives to build partnerships between the bloc and other emerging economies.
GREATER MARKET ACCESS FOR MEMBERS
Membership in the bloc brings countries greater access to their fellow members’ markets, and is also a source of foreign direct investment.
Source: CNA
