The alliance of BRICS consisting of emerging economies such as Brazil, Russia, India, China & South Africa is definitely able to have a strong influence on the global business environment due to their low labour costs, abundance of natural resources and favourable demographics in these nations. The primary agenda of 13th Annual BRICS Summit organized last week revolved around 2 primary issues. One is the current COVID-19 situation for which the leaders of these countries felt that there is a strong need to completely vaccinate their countries by coming together in the same fashion as they have already been doing. Another major issue discussed was related to the ongoing Afghanistan crisis. The future of this union will strongly depend on how effectively these leaders are able to implement their vision in the next couple of years.
