Azerbaijan applies for BRICS membership, expanding the group's influence and potential trade.

Azerbaijan has officially applied for BRICS membership, which could increase its influence in global banking, diversify financial institutions, and encourage economic cooperation among emerging nations. Expanding beyond its original five members (Brazil, Russia, India, China, and South Africa), BRICS has added countries like Iran, UAE, Egypt, and Ethiopia, potentially changing the balance of world affairs and forming an alternative to the US-centric order. Currently, BRICS countries collectively account for around 32% of global GDP in PPP terms, and their combined trade turnover with the EU and US is $3 trillion.

August 24, 2024
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