Issue Brief on “BRICS and the great power politics”

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Introduction

The 14th BRICS[2] Summit took place on June 23, 2022, in China (Beijing), virtually.[3] Chinese President Xi Jinping chaired the summit while South African President Cyril Ramaphosa, Russian President Vladimir Putin, Brazilian President Jair Bolsonaro, and Indian Prime Minister Narendra Modi addressed the summit. The BRICS was formed on June 16, 2009, just after the financial crisis of 2007-08. Initially it was BRIC, and later South Africa joined in 2010. It was noted that the acronym BRIC was coined by Jim O’Neill in 2001.[4] However, now BRICS is one of the most important multilateral international organisations having a combined population of 3.22 billion people and a combined Gross Domestic Product (GDP) amounting to almost 24.44 trillion USD (Figure 1 and 2).[5]

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