BRICS 2023 Summit: Countries discuss de-dollarization and bloc expansion

Last updated:
BRICS 2023 Summit: Key Highlights

Brazil, Russia, India, China, and South Africa are the BRICS countries. The original acronym "BRIC" was coined in 2001, without South Africa. BRICS are the world's fastest-growing economies and are increasingly working together to shape the global order. BRICS countries are home to some of the world's fastest-growing cities, such as São Paulo, Moscow, Mumbai, and Shanghai.

BRICS 2023 Summit: Interesting Facts

  • The combined GDP of BRICS is over $25 trillion, which is more than the GDP of the G7 countries.
Global GDP Share1992200220122022
  • BRICS countries account for about 40% of the world's population.
  • BRICS countries are major producers of commodities such as oil, gas, and metals.
  • BRICS countries are also major consumers of goods and services.

BRICS 2023 Summit: History of Annual Summits

The BRICS summit is held every year, and it is a forum for the leaders of the five countries to discuss common challenges and opportunities. The summit is also a way for the BRICS countries to coordinate their policies and promote their shared interests on the global stage.

YearHost CountryDateTheme
2023South Africa22-24 August Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism
2022China23 JuneFoster High-quality BRICS Partnership, Usher in a New Era for Global Development
2021India9 SeptemberIntra-BRICS cooperation for continuity, consolidation, and consensus
2020Russia17 NovemberBRICS partnerships are associated with global stability, shared security, and growth due to innovation
2019Brazil13-14 NovemberBRICS: economic growth for an innovative future
2018South Africa25-17 JulyBRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution

BRICS 2023 Summit: Key Highlights from the 2023 Summit

Leaders from Brazil, Russia, India, China, and South Africa, met on Wednesday 23rd August to talk about critical topics like the de-dollarization, the Ukraine war, and the expansion of the bloc.

  • Expansion of BRICS: BRICS countries agreed to expand the group to include new members and is set to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. 
  • De-dollarization: BRICS countries are working to promote de-dollarization. The main goal is to shift from the US dollar as the world's reserve currency and use their own currencies in international trade and investment. 
  • Ukraine War: The BRICS summit in 2023 did not explicitly mention the Russia-Ukraine conflict. However, the leaders of the BRICS countries issued statements expressing their concern about the situation and called for an immediate ceasefire.
  • Trade and investment: The countries pledged to boost trade and investment between themselves and also signed a loan agreement for the Lesotho Water Project.

BRICS 2023 Summit: What lies ahead?

More than 40 countries, such as Iran, Saudi Arabia, and UAE, want to join BRICS, including Argentina, Algeria, and others. They see BRICS as an option instead of Western-dominated groups. They believe being part of it can bring them advantages like money for development and more trade.

BRICS have already set up a number of joint initiatives, such as the BRICS New Development Bank and the BRICS Contingent Reserve Arrangement. These initiatives are designed to help finance infrastructure projects of BRICS countries.