The BRICS grouping has been swamped with membership proposals in the past dew months: from Middle East to Latin America, everyone wants to hop in and enjoy the benefits of being a member of, perhaps, the most promising international grouping today.
The upcoming 15th summit of the BRICS grouping, to be held in Johannesburg, South Africa, is set to be a significant event, given into account that as many as 23 nations have formally applied to join BRICS.
As the 15th BRICS summit in South Africa is just days away, Sputnik India explored what will the most promising multipolar bloc look like with the accession of new members.
The Rise of BRICS
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a group of leading rising economies. These nations collectively showcase the potential to influence the global economy and challenge the traditional Western dominance.
Over the years, BRICS has emerged as a powerful force, outperforming the G7 and demonstrating the possibility of a power shift from the Global North to the Global South.
BRICS Expansion: Prospects & Implications
The topic of BRICS expansion is at the forefront of discussions within the group.
Over 40 countries have expressed their interest in joining BRICS, with 23 of them formally applying for membership. The increasing interest from nations around the world highlights the growing international recognition of BRICS' influence and potential.
Among the countries that have officially applied for BRICS membership are Argentina, Turkey, Saudi Arabia, the United Arab Emirates, Egypt, Senegal, Algeria, Ethiopia, Iran, and Indonesia. These countries see BRICS as a platform for enhancing their international image and gaining access to a powerful network of emerging economies.
The expansion of BRICS has far-reaching implications for global world order:
Challenging Traditional Western Dominance
BRICS' rise signifies a shift in the global balance of power: the emerging markets are challenging the traditional Western dominance and offering an alternative model for development and cooperation.
BRICS' increasing influence in international affairs is reshaping the dynamics of global governance and fostering a multipolar world order.
Enhancing South-South Cooperation
One of the key aspects of BRICS' international image is its commitment to South-South cooperation.
By leveraging their collective strengths, BRICS nations aim to promote inclusive multilateralism, sustainable development, and mutually beneficial partnerships with other developing countries.
This approach fosters solidarity among emerging economies and provides a platform for sharing experiences, best practices, and resources.
Building Strategic Alliances
BRICS' international image is further enhanced through strategic alliances with other regional organizations and international institutions.
The group actively collaborates with African countries, inviting leaders from Africa and the global South to the BRICS-Africa Outreach and BRICS Plus Dialogues.
Additionally, representatives from international organizations, such as the United Nations and the African Union, are invited to participate, fostering cooperation on a broader scale.