South Africa hosts 15th BRICS summit

JOHANNESBURG, SOUTH AFRICA - AUGUST 22: The 15th BRICS summit in South Africa kicked off on Tuesday, with key discussions on new member admissions and a common currency expected to garner global attention over the three-day event. The BRICS, an acronym for current members Brazil, Russia, India, China, and South Africa, stands out as a powerful platform with more than 40% of the world's population and over 30% of global GDP. The summit will take place at the Sandton Convention Centre in Johannesburg, where significant steps regarding new member admissions and a common currency for the bloc are expected to be taken. There are currently 22 official applications to join BRICS, including several Muslim countries, and if the common currency is implemented, it is expected to challenge the dominance of the US dollar in the future. - BRICS The primary objective of BRICS is to foster political, economic, and cultural cooperation among its member countries. The bloc established in 2009 with Brazil, Russia, India, and China, took its final shape in 2010 with the inclusion of South Africa. According to the BRICS Business Council report, member countries' combined GDP exceeds $56 trillion, accounting for 31.5% of global GDP, and is expected to reach 50% by 2030. The bloc nations also control 18% of world trade and 22% of global foreign investments. The current member countries cover 26.7% of the world's land area, with 3.2 billion people (41% of the global population). (Footage by Murat Özgür Güvendik/Anadolu Agency via Getty Images)