Several Countries vying for BRICS membership

The BRICS members represent over 42% of the world’s population and account for nearly a quarter of global gross domestic product (GDP) and 18% of trade. The grouping is hailed by some as a counterweight to Western economic and political forums and institutions like the G7 and the World Bank. The BRICS has struggled to live up to its potential to offer an alternative to traditional financial and political systems. Among its notable achievements has been the establishment of the New Development Bank or the BRICS bank, a multilateral development bank with $50 billion (€45.6 billion) in subscribed capital to fund infrastructure and climate-related projects in developing countries. The BRICS group of emerging countries Brazil, Russia, India, China and South Africa will meet for their annual summit starting August 22 in Johannesburg. This year’s summit has gained prominence amid expectations that the grouping could add new members as China and Russia seek to increase their political influence with tensions with the US and its allies running high. Will BRICS economic growth overtake that of the G7?