Facebook Pixel Why BRICS is a counterweight to Group of 7 rich nations | The Morning Standard – newspaper – Lesen Sie diese Geschichte auf Magzter.com
Mit Magzter GOLD unbegrenztes Potenzial nutzen

Mit Magzter GOLD unbegrenztes Potenzial nutzen

Erhalten Sie unbegrenzten Zugriff auf über 9.000 Zeitschriften, Zeitungen und Premium-Artikel für nur

$149.99
 
$74.99/Jahr

Versuchen GOLD - Frei

Why BRICS is a counterweight to Group of 7 rich nations

The Morning Standard

|

October 27, 2024

THE recently concluded BRICS Summit in Kazan, Russia was significant for several reasons. For one, it saw the resumption of formal bilateral talks between India and China, signalling a thaw in frosty relations between the world's two most populous countries representing 2.8 billion people.

- YESHI SELI

Why BRICS is a counterweight to Group of 7 rich nations

Significantly, the meet also accepted 13 new countries as 'partners', taking the influence and size of the grouping to greater levels. Over the next two decades, the size of the bloc is slated to exceed the economies of the group of seven (G7) Western countries led by the US.

The 13 nations that have become partners of the BRICS are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkiye, Uganda, Uzbekistan, and Vietnam. These partner nations will eventually become full members of BRICS.

From BRICS to BRICS

Goldman Sachs economist Jim O'Neill coined the term BRIC (Brazil, Russia, India, and China) in a 2001 research paper titled 'Build Better Global Economic BRICS to project how these four dynamic nations, if their growth pace was maintained, would dominate the global economy by 2050.

O'Neill projected that the 'weight of the BRICS' would grow exponentially over the coming decade and the quartet would influence the global economy to such an extent that the G7 would be forced to accommodate these countries.

The moniker, BRICS, instantly took off and created a lot of interest among economists and strategic affairs experts. Goldman Sachs released a second paper titled 'Dreaming with BRICS: The Path to 2050' in 2003 positing that the BRICS could overtake the largest Western economies by 2039. Russian President Vladimir Putin was among the first embrace the idea of BRICS.

He took proactive steps to bring the others on board to form a bloc which would grow to become a counterweight to the Western-dominated global economy.

Russia hosted the first official BRIC summit in 2009. South Africa joined a year later on an invitation from China, forming a formidable five-country grouping officially called BRICS (Brazil, India, China, and South Africa).

WEITERE GESCHICHTEN VON The Morning Standard

The Morning Standard

THE GHOST IN THE MACHINE

As algorithms curate our choices and Al blurs the line between human and machine, Khoj International Artists' Association's international exhibition questions what it means to remain human in a rapidly automated world. Don't miss it - it's the last day today.

time to read

2 mins

February 28, 2026

The Morning Standard

Security beefed up at Eden Gardens

WITH West Bengal already politically charged up as Assembly elections are round the corner and India playing their first match in Kolkata at the ongoing T20 World Cup, a beefed up security is expected to be in place on Sunday.

time to read

1 mins

February 28, 2026

The Morning Standard

BOOKENDED BY MELAS AND FESTS

ILLIAM

time to read

3 mins

February 28, 2026

The Morning Standard

Skilled talent shortages rise to 82% in India

ARTIFICIAL intelligence skills become the most sought-after skillset by enterprises in India in the fast-evolving world.

time to read

1 mins

February 28, 2026

The Morning Standard

India, EU release trade pact text

Legal doc contains provisions on trade facilitation, rules of origin, IPR, digital trade and CBAM

time to read

2 mins

February 28, 2026

The Morning Standard

Happy Hardik key for India

IN a must-win Super 8s game against Zimbabwe at the MA Chidambaram Stadium on Thursday, India all-rounder Hardik Pandya was key to help his team win by 72 runs.

time to read

1 min

February 28, 2026

The Morning Standard

A Decade of Invocation

Ahead of their performance at the Sufi Heritage Festival in Sunder Nursery, Delhi ensemble The Aahvaan Project talks about the lessons of the past decade, the evolution of the band’s philosophy and their recent EP

time to read

2 mins

February 28, 2026

The Morning Standard

The Morning Standard

Maruti to open 700 NEXA Studio outlets by 2030-31 to attract non-urban buyers

MARUTI Suzuki India (MSIL) plans to open up to 700 outlets of its small format premium retail chain NEXA Studio by 2030-31 as it looks to attract car buyers in non-urban centers.

time to read

1 min

February 28, 2026

The Morning Standard

19-yr-old’s ‘encounter’ death snowballs into Punjab row

THE death of 19-year-old Ranjit Singh in an alleged encounter by the Punjab Police in connection with the killings of two police personnel in Gurdaspur has snowballed into a major controversy, with the chorus for an independent inquiry growing louder.

time to read

2 mins

February 28, 2026

The Morning Standard

PM addressed 19 foreign parliaments from ‘14

PRIME Minister Narendra Modi addressed 19 foreign parliaments between 2014 and 2026, which is a record for an executive head of India.

time to read

2 mins

February 28, 2026

Listen

Translate

Share

-
+

Change font size