There's the group of seven big established economies, including the U.S. and the EU, and

there are the BRICs, BRIC countries, meaning in Johannesburg tomorrow.

I'm David Brinkache.

The five countries of the block known as the BRICs, Brazil, Russia, India, China, and

South Africa, are holding their first in-person summit since the pandemic hit.

Marketplace's Henry F. reports on how the group may plot a different course than what used

to be called the Western powers.

These members account for about a quarter of the world's economic output, and they could

grow that number by adding other nations to the group.

Expansion will be one of the main topics of discussion at the summit.

Twenty-three countries have formally asked to join BRICs, including Saudi Arabia, Indonesia,

and Argentina, while China is pushing for quick expansion, India, and Brazil want to take

a more cautious approach.

The countries will also discuss ways to ween off the U.S. dollar.

BRICs hope to instead use more of their own currencies, in trade between members.

In the past, BRICs countries have even floated the idea of developing a new currency that

members would share.

But a South African official tells Reuters that concept won't be discussed at this summit.

As BRICs looks to counter the global influence of Western-backed groups like the G7, two of

its largest countries face mounting economic challenges.

In China, a worsening property crisis and deflation, and in Russia, a falling rubble,

and the rising cost of its invasion of Ukraine.

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