BRICS stands for the regional economies of Brazil, Russia, India, China, and South Africa. Second, as the West is shifting its supply chain out of China, India is aggressively presenting itself as a hub for the West’s supply chains. According to the 2022 World Bank GDP data, China’s GDP is more than double that of the other four BRICS nations combined. China’s GDP was $17.96 trillion compared to India ($3.39 trillion), Russia ($2.24. Nations such as Iran, Saudi Arabia, and Mexico have shown interest to join, but BRICS has been dragging its feet.

Source: Ethiopian News July 01, 2023 06:41 UTC