From October 22 to 24, 2024, the city of Kazan in Russia will host the 16th annual BRICS Summit. This summit is particularly important because it comes at a time when many countries are eager to join the group, which consists of Brazil, Russia, India, China, and South Africa. After its largest expansion ever last year, the question of whether to let more countries in is at the forefront of discussions.
Why Is Expansion Important?
Many developing nations are looking for alternatives to the Western-dominated systems like the IMF and World Bank, which they feel exclude them. These countries are feeling the pressure of being left out, especially after recent political changes that have made it hard for them to get financial help. For instance, some African nations with new governments have been shut out of US-led financial support. They see BRICS as a promising alternative that could provide the assistance they need.
At this summit, leaders will prioritize the topic of expans...
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