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BRICS Summit 2024 – Live Updates
- Heads of state from 28 countries, including India, Russia, China, Brazil, Egypt, UAE, and South Africa, have arrived for the summit.
- BRICS has surpassed the European Union (EU) to become the world’s third most powerful economic organization.
- BRICS formed on the concept of a “rising economy,” the group included five countries—Brazil, Russia, China, India, and South Africa.
- This year, UAE, Iran, Egypt, and Ethiopia will formally become members.
- BRICS Summit 2024 is being held in Kazan, Russia. Russian President Vladimir Putin is presiding over the summit.
- BRICS also has its own bank known as the New Development Bank, headquartered in Shanghai, China.
- BRICS officially unveils a new demo of its payment system, BRICS Pay.
- BRICS partners want to reduce their dependence on the US dollar. The sanctions imposed on Russia after its 2022 full-scale invasion of Ukraine will also be discussed.
- Last year, Brazilian President Lula da Silva had stated during a summit that BRICS countries need to create a new currency for trade. He questioned, “Why are we trading in dollars?”
- India has hosted the BRICS summit three times. Russia will be hosting the next BRICS summit.
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