The idea of establishing the BRICS was born in September 2006, when the first meeting of the foreign ministers of Brazil, Russia, India, and China was held on the sidelines of the United Nations General Assembly in New York. The BRICS alliance includes five countries with the fastest economic growth in the world: Brazil, Russia, India, China, and South Africa.
The role of BRICS has been growing in recent years, with more than 22 countries expressing interest in joining the bloc, including the UAE, Saudi Arabia, Egypt, Algeria, Iran, Mexico, Argentina, Nigeria, and others. Arab countries will reap seven benefits when they join BRICS, which is to get out of the restrictions of SWIFT (financial transfer system), by relying on a multilateral payment system, which would be an alternative to "SWIFT" among international banks, which would provide a greater amount of Guarantee and independence of the countries of the group, the existence of a new financial and monetary system after the dispersion of the world order, and the increase in demand for energy sources.
Source (Al-Khaleej Emirati Newspaper, Edited)
