PM Narendra Modi to attend the BRICS summit in South Africa. What you need to know about it

The 15th BRICS summit is set to commence today (August 22) in Johannesburg, South Africa. The event is scheduled to run until August 24. China had hosted the previous 14th BRICS summit in 2022, attended by global leaders. This year, South Africa's Prime Minister, Matemala Cyril Ramaphosa, will serve as the host for the BRICS nations.

Comprising the five major economies of the world – Brazil, Russia, India, China, and South Africa – the BRICS alliance holds significant prominence on the global stage, projected to experience substantial growth by 2050. As a result, this global event will be closely monitored by major economies worldwide.

India's focus at the summit

Expanding the BRICS group and facilitating the use of national currencies for trade among member nations are India's primary agenda items for the summit.

Sherma Dammu Ravi, the current Secretary (Economic Relations) in the Ministry of External Affairs, emphasized that expansion and the utilization of national currencies for economic activities and trade within BRICS countries stand as pivotal discussion topics for India during the summit.

In an interview with ANI, Ravi mentioned, "In the past, the thought of extending BRICS didn't exist. With the changing world dynamics in the 21st century, developing nations collectively decided to expand BRICS while considering their respective agenda items and economic growth."

He further highlighted India's constructive role in this endeavor, revealing that discussions on expansion have been ongoing for the past two years.

Regarding trading through national currencies, Ravi explained that the possibility of trading in respective national currencies is under consideration. He stated, "All BRICS countries collectively will deliberate and decide on trading within their national currencies within the BRICS bloc."

PM Modi's third visit to South Africa

The BRICS summit will also mark Prime Minister Narendra Modi's third visit to South Africa, coinciding with the 30th anniversary of diplomatic relations between India and South Africa.

Ravi noted that numerous ideas proposed by PM Modi are being deliberated during the BRICS meeting. PM Modi will participate in the summit with a distinct theme: "Brics-Africa outreach and Brics plus dialogue."

The summit will witness the presence of PM Modi alongside the leaders of China, Brazil, and South Africa. Russian President Vladimir Putin will virtually attend the meeting, with the Russian delegation led by Foreign Minister Sergey Lavrov.

The genesis of BRICS

The term "BRIC" was coined in 2001 by economist Jim O'Neill, Chairman of Asset Management at Goldman Sachs. It referred to rapidly growing economies expected to collectively wield dominance in the global economy by 2050.

South Africa became part of the group in 2010, prior to which the grouping comprised Brazil, Russia, India, and China.

Together, the BRICS countries account for 42% of the world's total population, a third of the global GDP, and around 17% of global trade.