EXPANDING COUNTERWEIGHT BLOC BRICS established in 2009 – initially included Brazil, Russia, India, and China, while South Africa joined a year later. The bloc now has 10 members, with 34 others waiting in line.

21 Oct 2024 12:27PM

(Updated: 21 Oct 2024 12:36PM)

channel news asia.com

Its member states account for almost 30 per cent of the global gross domestic product, and about 45 per cent of the world’s population.

As momentum builds to expand this so-called counterweight bloc, Russian President Vladimir Putin hopes he has the support to take on the West's dominance of the global economy.

“I am convinced that, by acting together in unity, we will be able to fulfil our countries’ potential in the economy, investment, technology, and human capital, to strengthen the positive impact of BRICS on global developments and make the world safer and more harmonious,” he said. 

His attempt to reduce Russian dependence on the dollar follows the imposition of wide-ranging curbs by Western countries after its invasion of Ukraine.

The sanctions, which include the freezing of foreign currency reserves and assets, have made it difficult to settle trade payments.

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