The Union Ministry of External Affairs recently met with his BRICS counterparts to affirm its role in a multipolar world.
About ‘BRICS’ Grouping:
BRICS is an acronym for Brazil, Russia, India, China, and South Africa, a bloc of countries that formed a partnership following the creation of the term in 2001 by Goldman Sachs economist Jim O'Neill (but it didn't include South Africa at the time).
South Africa joined in 2010, making it "BRICS".
The group was designed to bring together the world's most important developing countries to challenge the political and economic power of the wealthier nations of North America and Western Europe.
The BRICS countries operate as an organization that seeks to further economic cooperation among member nations and increase their economic and political standing in the world.
Saudi Arabia, Iran, Ethiopia, the United Arab Emirates, and Egypt joined BRICS in 2024.
The expanded group has a combined population of about 3.5 billion, or 45% of the world's inhabitants.
Combined, members' economies are worth more than $28.5tn - about 28% of the global economy.
With Iran, Saudi Arabia and UAE as members, Brics countries produce about 44% of the world's crude oil.
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