The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, is expanding its membership and influence, aiming to reshape the global economic order.
The group has launched a new payment system, BRICS Pay, to facilitate transactions among member nations and reduce reliance on Western financial systems. The expansion is seen as a way to amplify the voices of the Global South and challenge the dominance of Western economies. Russian President Vladimir Putin has emphasized that BRICS will drive most of the global economic growth in the coming years.
The group's growth signals a shift towards a more multipolar world order, with more countries expressing interest in joining BRICS+.
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Putin says BRICS will generate most of global economic growth
The BRICS group will generate most of the global economic growth in the coming years thanks to its size and relatively fast growth compared with that of developed Western nations, Russian President Vladimir Putin said on Friday.
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