Two-day BRICS summit starts in Kazan today… Know the complete ABCD of the organization that can compete with NATO.

Prime Minister Narendra Modi has left for a two-day visit to Russia. The PM will participate in the 16th BRICS Summit being held in Kazan, Russia. During this, he will meet leaders including Russian President Vladimir Putin and Chinese leader Xi Jinping. The popularity of this group, which challenges America's dominance at the global level, is increasing, and many countries around the world want to join this group.

This alliance, which started with the initiative of India-Russia and China in the 1990s, was formally established on 16 June 2009. At that time, BRICS included only India, Russia, China, and Brazil and its name was BRIC but in the next year 2010, South Africa also became a part of this group after which it was named BRICS. Due to the fast-growing economy of the BRICS countries, the importance of BRICS is increasing a lot in the current global environment, so let's know the whole ABCD related to it.

Is BRICS setting the new world order?

BRICS is a strong group of developing countries of the world. Earlier only India, China, Russia, Brazil and South Africa were its members, now it is being expanded. The proposal to add 6 countries including Saudi Arabia, Argentina to this group from January 1, 2024 was approved. However, later the new government of Argentina's Javier Milei changed its intention to join BRICS.

Due to global and economic changes, countries like Turkey, Azerbaijan and Malaysia have also applied to join BRICS. Many countries of the world including Pakistan are showing interest in joining BRICS.

Challenge to Western dominance

Regarding the aggressive expansion of BRICS, it is believed that Russia and China want to form such an alliance through BRICS that can compete with NATO and G7 under the influence of America. Currently, BRICS has become the third most powerful economic organization in the world by surpassing EU.

However, Russian Foreign Minister Sergei Lavrov has said in his latest statement that BRICS is a symbol of change and the aim of BRICS is not to challenge anyone, even though Western countries are not included in it, it does not mean that we are against them.

What is the objective of BRICS?

India, Russia and China initiated BRICS to reduce the influence of America on the world's economic policies. Its most important objective is political and economic security. This is the reason why this organization is attracting the attention of many countries of the world at this time. It is believed that a country like Saudi Arabia has also become a part of this organization to reduce dependence on America. Turkey also wants to join BRICS to overcome the economic crisis. In fact, the global power of this organization, which leads about 45 percent of the world's population, is increasing. If Turkey gets approval to join BRICS, it will be the first country to be a member of both NATO and BRICS.

BRICS countries have a share of about 28 percent in the global GDP, with the speed at which many countries are applying to join BRICS, it is believed that in the coming times, this organization can easily overtake the G7 countries.

How many meetings of BRICS have taken place so far?

PM Modi will participate in the 16th BRICS summit on Wednesday. Before this, 15 meetings of BRICS have been held so far. Since 2009, its member countries have been organizing the BRICS summit one by one. Out of these, 3 meetings (2020, 2021, 2022) were held virtually during the Corona epidemic. At the same time, India has had the opportunity to chair the BRICS summit 3 times so far. India has hosted the BRICS summit in 2012, 2016 and 2021 (through video conferencing). This time Russia is chairing BRICS, so a two-day BRICS summit is being organized in Kazan, Russia. The eyes of the whole world are fixed on it.

How can America's tension increase

The BRICS countries are pushing for the option of using local currency instead of the dollar for oil trade. It is believed that this may be discussed at the BRICS summit being held in Kazan, Russia. If the BRICS countries decide to use local currency for oil trade, it will be a big blow to America.

Many countries have agreed on the option of reducing dependence on the US dollar. Russia, which has been facing many sanctions since the beginning of the Ukraine war, and China, which is trying to challenge America's dominance at the global level, both countries seem very positive about this option.

Recently, Saudi Arabia also said that it is ready to discuss new possibilities. At the same time, according to the Atlantic Council, the share of US dollar reserves at the global level has decreased by more than 14%, and at such a time, if the BRICS countries decide to trade with local currency instead of the dollar, then it may increase America's tension.