### Summary
The BRICS countries, consisting of Brazil, Russia, India, China, and South Africa, are holding a summit in Johannesburg to challenge Western economic dominance. They aim to create a multipolar global order and are open to expansion.
### Facts
- The BRICS countries represent 23% of the world's GDP and 42% of the world's population.
- The group was formed in 2009 and meets annually to assert their position against the US and EU.
- The BRICS bloc is now open to expansion, with 23 applicants and numerous interested parties.
- The New Development Bank, an alternative to the World Bank and IMF, has invested $30 billion in infrastructure projects.
- Russia's President Putin, who is the target of an ICC arrest warrant, will attend the summit via video link.
- The BRICS countries aim to decrease their reliance on the US dollar and increase the use of their national currencies.
- They also plan to create their own international university rankings, challenging existing rankings that may exclude certain countries for political reasons.
BRICS seeks to expand its membership and become a champion of the "Global South," with over 40 countries expressing interest in joining the bloc to challenge Western dominance and address grievances related to abusive trade practices and neglect of poorer nations' development needs, among others. However, observers note that BRICS has a limited track record and may struggle to deliver on expectations.
South African President Cyril Ramaphosa supports expanding the Brics group of emerging market powers and believes an expanded Brics would represent a diverse group of nations that share a common desire for a more balanced world order.
The BRICS economic coalition is close to expanding its membership, with criteria and procedures already in place, according to South Africa's Ambassador to BRICS, Anil Sooklal.
The BRICS alliance could gain control of the majority of the world's oil and gas trade by including Saudi Arabia and the United Arab Emirates, which could lead to a shift away from the USD and the de-dollarization of the oil economy.
The Brics economic group, consisting of Brazil, Russia, India, China, and South Africa, is discussing the possibility of expanding its membership and promoting the use of local currencies for trade settlement, with aims to challenge the dominance of the US dollar, but analysts believe that the greenback is unlikely to lose its status as the international reserve currency.
Indian Prime Minister Narendra Modi expressed his support for the expansion of BRICS membership, while Chinese President Xi Jinping called for the process to be accelerated, potentially boosting the group's global influence and countering the dominance of the Group of Seven. Several nations have shown interest in joining, with China taking the lead in pushing for expansion. However, India has advocated for a cautious approach due to concerns that the bloc may become influenced by its neighbor.
BRICS, comprised of Brazil, Russia, India, China, and South Africa, now represents almost a third of global GDP and is surpassing the economic influence of the G7, with over 40 nations expressing interest in joining.
Six new countries, including Argentina, Iran, the United Arab Emirates, Saudi Arabia, Ethiopia, and Egypt, have become members of the BRICS alliance, as announced by South African President Cyril Ramaphosa during the summit.
UAE President Mohammed bin Zayed Al Nahyan expresses eagerness to collaborate with BRICS for the benefit of all nations and people around the world.
Indian Prime Minister Narendra Modi addressed the 15th BRICS Summit and emphasized the potential for BRICS and friendly countries to strengthen a multipolar world, while announcing the admission of six new countries into the bloc starting next year. He also highlighted India's cooperation with Africa, the success of Chandrayaan-3, and India's growing trade partnership and investment in Africa.
The BRICS expansion, featuring six new members including Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, will slightly increase the group's share of global GDP, population, oil production, and global exports.
The BRICS summit is aiming to reduce reliance on the U.S. Dollar, as the coalition confirms new members including UAE, Egypt, Ethiopia, Saudi Arabia, and Argentina, and discusses the possibility of a new payment system and currency backed by gold.
The BRICS, a bloc of emerging market nations, has expanded its membership to include Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE), with the goal of building a fair, just, inclusive, and prosperous world; however, experts question whether BRICS can effectively compete with the West given their differing priorities, and the ambition of creating a common BRICS currency to rival the dollar is unlikely to materialize due to competing interests and priorities among member states.
The BRICS alliance has inducted six new countries into the bloc during the summit in Johannesburg, and South Africa's President Cyril Ramaphosa has confirmed that a second phase of expansion will follow in the coming months.
The BRICS 2023 Summit saw the expansion of the alliance with the addition of six countries, potentially leading to a shift in the global economic order and significant de-dollarization efforts, while notable absences by Vladimir Putin and Chinese President Xi Jinping raised concerns, and China and India made progress in their border talks.
The expansion of BRICS to include Iran, Saudi Arabia, Egypt, Ethiopia, Argentina, and the United Arab Emirates will make the bloc represent 46 percent of the world population and 37 percent of global GDP, but China's economic dominance within the group raises questions about whether it will truly be an "equal partnership."
Saudi Arabia, as a new member of the BRICS economic alliance, plans to invest $16 billion from its foreign reserves, signaling a shift towards prioritizing investment over reserves and potentially bolstering the bloc's ongoing initiatives.
The BRICS expansion and their de-dollarization efforts have been met with a relatively calm response from the US, Germany, and the European Union, emphasizing the importance of countries choosing partnerships based on their national interests.
The BRICS expansion, which includes countries like Saudi Arabia, the UAE, and Iran, has raised concerns in the U.S. and EU as it poses a threat to Western-dominated financial markets, while China's influence grows and the alliance aims for de-dollarization in global trade.
The BRICS group invited six new members, including Saudi Arabia and the United Arab Emirates, indicating a move towards energy dominance and diversification, but internal divides and strategic rivalries within the bloc may hinder its ability to challenge the current global energy order.
Saudi Arabia's Crown Prince Mohammed bin Salman's attendance at the recent G20 summit in India, along with its inclusion in the China-dominated BRICS coalition and signing of the ship-to-rail economic corridor supported by President Joe Biden, highlights the complex web of alliances and economic opportunities arising from the rivalry between the US and China. These developments show the various economies caught between the two powers seeking to build their own strategic alliances and spheres of influence.
The United States needs to cultivate strategic relationships with Vietnam, India, the Philippines, and Saudi Arabia, known as the VIPS, in order to counterbalance the growing influence of the BRICS (Brazil, Russia, India, China, and South Africa) and navigate the challenges of a changing global landscape.
The BRICS coalition, along with new members, aims to reduce the dominance of the US dollar by using their own currencies for oil trade, posing potential risks to the US's global leadership and economy.
The BRICS alliance has welcomed six new countries, including Saudi Arabia and Iran, leading to concerns from Western powers about the expansion's potential impact on the traditional financial order; however, the US and Germany have stated that countries have the right to choose their trade partners and forge deals according to their national interests.
Saudi Arabia, a new member of the BRICS alliance, is expected to face a $21 billion budget deficit next year despite growth in its non-oil sector, though its GDP growth is still projected to exceed 4%.
