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.
Britain is positioning itself as a global conference center to exercise its "convening power" and boost its foreign policy ambitions after Brexit, by hosting a series of world summits on major global issues such as AI safety, energy security, and climate change, although it may face competition from other countries following a similar strategy.
Indian Prime Minister Narendra Modi has left for South Africa to participate in the 15th BRICS Summit, where he will discuss issues of concern for the Global South and development, highlighting India's economic reforms and digital transactions.
The BRICS summit, which aims to establish a new world monetary order and give voice to underrepresented nations, is criticized for being a nebulous concept without concrete achievements and is primarily centered around China.
The New Development Bank of the BRICS group will not be announcing new members at the BRICS Summit in South Africa, according to Leslie Maasdorp, the bank's Chief Financial Officer, who stated that the process of ratifying new countries is happening without the bank's involvement.
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.
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.
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.
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.
South Africa is poised to expand its agricultural trade and globalize its economy as it enhances its position within the BRICS grouping, with the ZZ2 Farming Company using cutting edge technologies and tariff agreements to facilitate agricultural trade with other BRICS countries; the expansion of BRICS will create a powerful group of growth economies that will demand multilateral reforms, increase collaboration among growth economies, and enhance the use of regional currencies.
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."
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.
Venezuelan President Nicolas Maduro seeks China's support to join BRICS and believes that the relationship between China and Venezuela can strengthen both BRICS and the China-CELAC group.
Leaders from Brazil, Russia, India, China and South Africa recently announced that Saudi Arabia, along with five other nations, would be invited to join the BRICS organization, potentially causing fears of economic catastrophe in the U.S., although experts argue that this scenario is highly unlikely.
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.
