The 16th BRICS Summit is currently taking place in Russia. The coalition consists of five major emerging economies – Brazil, Russia, India, China, and South Africa – and a total of 10 members.

Leaders from Ethiopia, one of the newest members of the alliance, are participating in the summit being held in the city of Kazan, Russia.

With a combined population of 3.25 billion people, BRICS was created to challenge the Western-dominated global system. The member countries boast a collective annual growth rate of 26 trillion dollars, included among the world’s fastest-growing countries.

Over 30 countries have expressed interest in joining BRICS, with Argentina recently withdrawing its application to join the alliance after applying just a year ago.