Have you ever heard of the BRICS? It’s like a club, but not the kind with music and dancing. This club consists of countries—Brazil, Russia, India, China, and South Africa—that have teamed up to achieve big goals together, such as boosting trade and supporting each other’s growth. They’ve even welcomed new friends into the club, including Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.On Wednesday in Kazan, these nations came together for the 16th BRICS Summit. Here, they decided to change how they trade by using their own currencies instead of common ones like dollars or euros. Imagine this as using a universal game token in an arcade, making everything simpler and more consistent across all games.The leaders, including India’s Prime Minister Narendra Modi, Russia’s President Vladimir Putin, and China’s leader Xi Jinping, made some crucial agreements. They plan to create a streamlined system that makes moving money across their borders faster and safer—think of it as a financial expressway that ensures quick and secure transactions.Moreover, they talked about protecting their slice of the internet to ensure the digital world within their borders remains secure and stable. This is especially important as everything from homework to social interactions is moving online.During the summit, the leaders also discussed enhancing their big project, the New Development Bank, to make it a leading bank for the 21st century. This bank aims to help build essential infrastructure like schools and bridges in member countries. They even considered starting their own insurance company to mitigate any financial risks that might arise from these huge projects.The summit also touched on the challenges and opportunities of digitalisation, emphasising the importance of managing data securely and efficiently as it becomes a core part of development in all sectors.Lastly, the BRICS nations called for more cooperation and less red tape in financial dealings. They see the potential for innovative financial practices and want to keep dialogue open to make the most of digital technologies for economic growth.So, what does this all mean? These countries are pooling their resources and knowledge to make trading between them more straightforward and to foster a supportive network, similar to teaming up with friends in a multiplayer game to achieve a common goal. That’s what’s cooking with the BRICS club!
Have you ever heard of the BRICS? It’s like a club, but not the kind with music and dancing. This club consists of countries—Brazil, Russia, India, China, and South Africa—that have teamed up to achieve big goals together, such as boosting trade and supporting each other’s growth. They’ve even welcomed new friends into the club, including Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.On Wednesday in Kazan, these nations came together for the 16th BRICS Summit. Here, they decided to change how they trade by using their own currencies instead of common ones like dollars or euros. Imagine this as using a universal game token in an arcade, making everything simpler and more consistent across all games.The leaders, including India’s Prime Minister Narendra Modi, Russia’s President Vladimir Putin, and China’s leader Xi Jinping, made some crucial agreements. They plan to create a streamlined system that makes moving money across their borders faster and safer—think of it as a financial expressway that ensures quick and secure transactions.Moreover, they talked about protecting their slice of the internet to ensure the digital world within their borders remains secure and stable. This is especially important as everything from homework to social interactions is moving online.During the summit, the leaders also discussed enhancing their big project, the New Development Bank, to make it a leading bank for the 21st century. This bank aims to help build essential infrastructure like schools and bridges in member countries. They even considered starting their own insurance company to mitigate any financial risks that might arise from these huge projects.The summit also touched on the challenges and opportunities of digitalisation, emphasising the importance of managing data securely and efficiently as it becomes a core part of development in all sectors.Lastly, the BRICS nations called for more cooperation and less red tape in financial dealings. They see the potential for innovative financial practices and want to keep dialogue open to make the most of digital technologies for economic growth.So, what does this all mean? These countries are pooling their resources and knowledge to make trading between them more straightforward and to foster a supportive network, similar to teaming up with friends in a multiplayer game to achieve a common goal. That’s what’s cooking with the BRICS club!
