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 inclusion of oil-producing countries like Saudi Arabia and the UAE into the BRICS alliance could lead to 90% of the world's oil trade being settled in local currencies instead of the USD, potentially triggering a shift away from the U.S. dollar and impacting the global finance system.
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.
The BRICS New Development Bank is receiving applications from 15 countries to join, as it aims to lessen its dependence on the US dollar and prioritize local currency lending.
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 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 bloc of developing nations, including Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, has agreed to expand in an effort to reshape the world order it sees as outdated and tilted against them. However, the expansion faces challenges due to differing interests and concerns among the member countries. Additionally, the idea of a BRICS trading currency called BRICKs is seen as flawed and unlikely to be successful. The notion that the GDP of the BRICS bloc will surpass that of the G7 countries is also disputed, with China's demographics and debt bubble being seen as potential obstacles.
The BRICS alliance, now including six of the world's largest oil producers, aims to utilize its mass oil production to promote local currencies and reduce reliance on the US dollar in international trade.
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.
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.
India's adversarial relationship with China and its moves to block imports and investment from China could complicate its involvement in BRICS, as China seeks to expand the group and use it as a platform to challenge Western dominance.
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 addition of six new members to the BRICS grouping will increase its control over 46% of the world's population and 30% of its economic output, which could lead to a new global order and a credible alternative to the dominance of the Global North, according to a research paper.
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 residual impact of sanctions against Russia is causing divisions among the Group of 20 countries, with some nations resisting US-led efforts and forming alliances with Russia and China, while the BRICS nations are seeking to reduce reliance on the US dollar.
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.
