The BRICS summit (Brazil, Russia, India, China, South Africa) met in Johannesburg, South Africa from August 22 through August 24. They signed a host of new deals, which includes inviting new members Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and United Arab Emirates to join on January 1st, 2024. The BRICS entire initiative is to destroy the United States' economic supremacy. In fact, Vladimir Putin spent his time during the summit to give a speech about how the United States de-dollarization of world financial structure is objective and irreversible.
In 1995, the G7 countries (United States, Canada, Germany, U.K., France, Japan, and Italy) had a global GDP share of 44.9% as opposed to the BRICS countries, which had a 16.9% share of the global GDP. In 2010, BRICS share of the global GDP was 26.6% compared to 34.3% from the G7 countries. Fast forward to 2023...the G7 countries share of global GDP is 29.9%. The BRICS share is 32.1%, and that's BEFORE the addition of the six new countries, three of which are the world's biggest oil producers.
