A man walks near flags ahead of the G20 Summit in New Delhi, India, September 8, 2023. Photo/REUTERS/Anushree Fadnavis
MOSCOW – There are a number of fundamental differences between BRICS and G20. One of them is related to focus and goals.
Historically, BRICS and the G20 have become international organizations that are widely known to the wider public. Their presence on the world stage has influence and cannot be separated from the public spotlight.
Recently, the two of them also held a High Level Conference (Summit) with member countries and other invited guests. Both have the status of international organizations, what are the differences between BRICS and the G20?
Difference between BRICS and G20
1. Year Established
BRICS is an international economic organization that has recently received increasing attention. Looking at history, the founding of BRICS began in 2001.
At that time, its name was still BRIC with four member countries. Each of them is Brazil, Russia, India and China.
The four BRIC member countries held their first summit in 2009 in Yekaterinburg, Russia. A year later, South Africa officially joined and marked the change of the group’s name to ‘BRICS’.
On the other hand, the Group of Twenty (G20) began in 1999 as a meeting of finance ministers and Central Bank governors. At that time, they discussed policies to resolve the global economic and financial crisis.
The meeting was attended by many middle-income countries and have systemic economic influence, including Indonesia. Several years ago, the leaders of the G20 countries gathered for the agenda of the first G20 summit in the United States.
2. Organization members
The BRICS initially consisted of five countries. They are Brazil, Russia, India, China, and South Africa (South Africa).