The bloc of major emerging economies has added six powerful new members from Latin America, Africa, and the Middle East, marking a significant milestone in the BRICS expansion and its growing influence on the global stage.
On Thursday, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates were invitied to join the BRICS bloc. This expansion brings together nations from different regions, adding geopolitical and economic muscle to the organization.
With the inclusion of these new members, BRICS will account for approximately 37 percent of the world's GDP (7 percent more than the G7 has). The admission of these countries will take effect from January 1, 2024.
Heads of the BRICS nations' delegations show the BRICS spirit during the traditional photo ceremony
© Photo : Russian MFA
Sputnik India explores the new BRICS members, their potential impact on the bloc, and the implications for the current world order.
Ramaphosa Announces First Phase of BRICS Expansion
South African President Cyril Ramaphosa confirmed that the admission of new members is just the first phase of BRICS expansion plans.
Opportunities & Challenges of an Enlarged BRICS
Experts predict that the expansion of BRICS will bring both huge challenges and huge opportunities for the bloc.
One significant area of focus is the facilitation of trade and economic development. With a larger membership, BRICS will have greater potential for trade cooperation, fostering economic growth among member countries.
Additionally, the expanded operation of the New Development Bank, established by BRICS, will allow for increased investment in infrastructure projects and sustainable development.
Strengthening Regional Currency Trade
Another area where the enlarged BRICS can make a significant impact is in promoting trade in regional currencies. By reducing reliance on the US dollar, member countries can mitigate the risks associated with currency fluctuations and external economic pressures. This move towards regional currency trade could enhance economic stability and strengthen the influence of BRICS on the global financial system.
Shifting the Balance of Power: BRICS as a Counterweight to Unilateralism
The expansion of BRICS is seen by some observers, including President Ebrahim Raisi of Iran, as a signal of the decline of unilateralism and the US-dominated world order. As BRICS grows in size and influence, it has the potential to provide a counterbalance to the traditional power dynamics that have shaped global politics. The bloc's emphasis on multilateralism and cooperation reflects a desire for a more just and equitable world order.
Implications for Global Governance
The addition of new members to BRICS marks a new chapter in the organization's history. As the bloc expands, it will need to navigate various geopolitical, economic, and social challenges. The inclusion of countries from different regions brings diverse perspectives and interests to the table, requiring effective coordination and diplomacy among member nations.
A New Era for BRICS
The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as new members of BRICS marks a significant milestone in the organization's evolution.
With the potential to account for a significant portion of global GDP, the enlarged BRICS has the power to reshape global governance and challenge the existing world order. As the bloc expands and solidifies its position, it will be crucial for member countries to work together towards a more just and equitable world.