Attended By President Jokowi, What Is A BRICS Summit?

Heads of state or heads of government who are members of BRICS. (Dok Photo. Ghana News)

The five-member BRICS group, namely Brazil, Russia, India, China, and South Africa, held the 15th Summit in Johannesburg, South Africa on August 22-24, 2023. The conference was also attended by Indonesia, represented by President Joko Widodo (Jokowi).

Indonesia's presence at the BRICS Summit is not as a member, but an invitation guest for South Africa as the holder of this year's BRICS presidency.

"Indonesia is invited to the BRICS Summit, and of course on the sidelines of the BRICS Summit there will be various bilateral meetings with other heads of state," said Jokowi at Kualanamu Airport, North Sumatra, Sunday, August 20, 2023, quoted by VOI.

So, what is the BRICS Summit? Here's the full review.

The BRICS Summit is the highest meeting attended by heads of government or heads of state who are members of the BRICS.

Meanwhile, BRICS is an economic cooperation group that includes Brazil, Russia, India, China, and South Africa.

Adapted from its official website, BRICS is a partnership of five emerging markets and leading developing countries, which were founded based on historical ties, friendship, solidarity, and shared interests.

This partnership has about 41 percent of the world's population, 24 percent of the world's gross domestic product (GDP), and more than 16 percent of the share in world trade.

BRICS History

Citing The Economic Times, this group of economic cooperation was originally called BRIC, which is an acronym from Brazil, Russia, India, and China.

Before BRIC was formed, Goldman Sachs economist Jim O'Neill highlighted the growth potential of the four countries.

Through a study conducted in 2001, O'Neil predicts that BRIC will grow faster than the G7 group.

The G7 itself is a group consisting of seven countries with the most advanced global economies, such as Canada, France, Germany, Italy, Britain, the United States, and Japan.

In 2003, O'Neill's co-workers at Goldman Sachs, Roopa Purushothaman and Dominic Wilson also predicted that the BRIC group would stand out more than the G7 in 2050.

Not only that, this group is also predicted to change the appearance of the world economy in four decades.

The four countries then held their first meeting in Saint Petersburg, Russia, on the sidelines of the G8 Outreach Summit in July 2006.

Shortly after, BRIC was unveiled with the first BRIC Foreign Ministers Meeting, which was held on the sidelines of the UN General Assembly in September 2006.

Furthermore, at a meeting of the BRIC Foreign Minister in New York in September 2020, South Africa joined the economic partnership.

With the joining of South Africa (South Africa), this group changed its name to BRICS.

South Africa along with four other countries also attended the third BRICS Summit which was held in Sanya, China on April 14, 2011.

With five members, BRICS is an important partnership that unites the world's major developing countries.

BRICS countries unite to discuss important issues under the three pillars, namely:

Along with the multipolar world, BRICS continues to consolidate itself as a new geopolitical and geoeconomic force to balance Western countries.

That's the information about what the BRICS Summit is. Get news updates of other options only on VOI.ID.