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.
The Middle East's investments in Africa hold the key to unlocking the continent's economic resurgence, as they address critical economic and infrastructure needs and offer new avenues for collaboration, particularly in sub-Saharan Africa, where Chinese investments have decreased. The GCC's interest in Africa's growth is fueled by robust GDP figures and an abundance of available capital, creating opportunities for partnerships in sectors such as infrastructure, telecoms, and food security. However, challenges such as the infrastructure deficit and political uncertainties need to be addressed to sustain this partnership.
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.
South Africa has signed deals with China to upgrade its energy sector, including nuclear power plants, as the country aims to address its energy crisis and boost its economy.
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.
The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, has decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates to join their economic coalition, according to South African President Cyril Ramaphosa.
China has promised extensive cooperation in the energy sector with South Africa and advised streamlining tender processes and relaxing BEE policies to make cooperation easier, according to Chinese officials at the BRICS summit in Johannesburg.
China's "Hunan model" of development finance in Africa focuses on industrial production, job creation, agricultural development, digital innovation, and green development, aiming to support the 2035 Vision for China-Africa Cooperation and establish new trade partnerships and markets. The model places Africa in a crucial position to grasp new opportunities and shape areas of cooperation with China and globally.
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 grouping, which includes South Africa, will not replace international payment systems like SWIFT, but rather consider creating one that strengthens trade in local currencies.
Chinese President Xi Jinping announced at the BRICS leaders' summit in South Africa that the group is inviting six countries to join and also launching a $10 billion special fund to bolster global development, emphasizing the expansion's vitality for cooperation and the common interests of emerging markets and developing countries.
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.
Egypt hopes that its inclusion in the BRICS bloc will help alleviate its shortage of foreign currency and attract new investment, although analysts suggest that it may take time before the benefits become evident.
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."
Africa's potential for economic growth is hindered by macroeconomic factors and a struggling mining sector, but the continent's large population and rich resources offer opportunities for transformation and development; countries with higher exports, such as Cameroon, Ethiopia, Zambia, Tanzania, and Kenya, are among the most respected countries in Africa.
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 bloc, which has now expanded to include 11 countries, controls 30% of the global economy, 46% of the world's population, and a significant share of commodities such as manganese, graphite, nickel, and copper, as well as 42% of the global oil supply, potentially putting pressure on the US economy and challenging the traditional world order.
The extended BRICS alliance, which now includes six new countries, has a GDP in purchasing power parity (PPP) that accounts for more than one-third of the global economy, giving them the potential to control exports of oil to the West and influence trade settlement currency choices.
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.
