CATCH ME UP
BRICS leaders are meeting in New Delhi for their annual summit.
India is hosting the 18th BRICS Summit at Bharat Mandapam on September 12 and 13.
The bloc’s history is traced to the acronym BRIC, coined by Goldman Sachs Chief Economist Jim O'Neill in 2001.
The grouping’s expanded membership and outreach attendees include leaders and representatives from countries such as Indonesia, the Philippines, and the African Union.
More context
India’s chairship is focused on fostering consensus, strengthening national currencies in trade, and building resilient supply chains.
The New Development Bank was established in 2015 and has approved 139 projects worth nearly $43 billion, while the bloc still faces internal disagreements and Western skepticism.