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 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.
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.
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, 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 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 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' economic output represents over 40% of the world's population and is predicted to reach 40% of global GDP by 2040, but skepticism remains about their effectiveness as a bloc due to differences in economic policy, China's dominant role, and conflicts among member countries.
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.
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.
