The BRICS alliance just got a new applicant: Egypt.
BRICS is sort of an economic club of non-Western super powers. It is an acronym for Brazil, Russia, India, China and South Africa and it is financed by the New Development Bank, NDB. Egypt became a member of the NBD on Wednesday, signaling an alliance in a world increasingly divided.
Egypt has not officially joined BRICS but they say that they are ready to submit. Turkey and Saudi Arabia are not far behind.
According to RT, BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the US dollar and euro.”
Another way that India is working to reduce dependence on the West is through energy independence. The nation is planning to expand its nuclear energy capabilities to 20-30 gigawatts of nuclear capacity by 2040. The current capacity is 6.8 gigawatts. This will help India reduce coal dependency and curb emissions by 2070.
