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The member states view BRICS Pay to promote trade among its members, financial inclusion, and as a direction to reduce their reliance on the US dollar. [9] Russia has been the strongest proponent of BRICS Pay, to bypass the SWIFT network and the US dollar transactions it was sanctioned from following its invasion of Ukraine.
BRICS Bridge—a successor to MBridge, and probably a merger with BRICS PAY—makes it possible for central banks to support cross-border transactions and payments with their own central bank digital currency (CBDC) based on an automatic cross-border Interbank payment system for settlement and clearance. It is designed to be independent of any ...
The original member states of BRICS, an international organization of world economies, consisted of Brazil, Russia, India, and China. South Africa formally joined in 2010 and attended the 3rd BRICS summit.
The 2024 BRICS summit was the sixteenth annual BRICS summit, held in Kazan, Russia. It was the first BRICS summit to include Egypt , Ethiopia , Iran , and the United Arab Emirates as members, following their accession to the organization at the 15th BRICS summit .
The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed in Fortaleza, Brazil, on 15 July 2014. It entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July 2015. The objective of this reserve is to provide protection against global liquidity pressures.
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This is a list of representative leaders of BRICS states at each BRICS Summit since the group's inception in 2009. This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources .