New Countries Eyeing a Spot in the BRICS Alliance
World powers potentially expanding BRICS membership: Could global influence be shifting?
In the ever-evolving landscape of global politics and economics, the BRICS alliance remains a significant player. Established in 2006, the group has been steadfast, accepting just one new member in 2010. But as the annual summit looms, South Africa's Ambassador Anil Sooklal hinted at a potential influx of fresh faces.
Five Arab nations, including Saudi Arabia, Iran, UAE, Egypt, Bahrain, and Algeria, have made it clear they want to join the exclusive club. Their interest joins a chorus echoed by Argentina, Indonesia, and a host of African states, creating a buzz around the upcoming meeting.
According to Anil Sooklal, the discussion will naturally gravitate towards expanding the BRICS membership and the modalities involved. The influx of applications has been steady, with 13 countries submitting formal requests and another six reaching out informally. It seems the BRICS inbox brims with daily applications.
The prospect of new members stirs excitement among experts like Professor Salem Nasser of Brazil's FGV Direito SP University. Nasser views these requests as a testament to "ongoing changes in the balance of world power." He sees BRICS as a formidable new pole that will challenge North American hegemony.
However, Nasser is quick to point out that joining BRICS doesn't signify an alignment with China or a shutting of doors for cooperation with the West. NASser's point is well-taken, considering BRICS' founding members represent some of the world's fastest-growing economies and hold significant influence.
Founded as an acronym for five regional economies - Brazil, Russia, India, China, and South Africa - BRICS has already accounted for 31.5% of global GDP, with the G7 members' share dropping to 30%. Goldman Sachs predicts that by 2050, the BRICS economy will compete with the richest nations worldwide.
The BRICS alliance, however, faces challenges as it eyes expansion. Balancing growth with the addition of new members while maintaining a consistent and common strategy is a delicate balancing act. BRICS' ability to foster consensus and create a unified strategy against the larger world stage will be crucial to its continued success.
Brazil's President Lula da Silva, during a recent visit to Beijing, voiced his concerns about the dominance of the US dollar in global trade. He advocated for replacing the dollar with national currencies in trade, emphasizing the need for new mechanisms. Lula also envisions the BRICS Development Bank growing into a major investment bank, poised to shape the economic landscape of the Global South.
As BRICS faces potential expansion, it must navigate the intricate dance of maintaining its economic prowess while successfully integrating new members. The upcoming summit in South Africa will serve as a barometer for its ability to adjust and endure, potentially heralding a new era in global politics and economics. Whether these new members will bolster the unity of the alliance or dilute its effectiveness remains to be seen.
[1] Enrichment Data: Belarus, Mexico, Uruguay, Colombia are among the countries invited to the BRICS summit by Brazil, suggesting potential interest in membership.[2] Enrichment Data: By 2050, BRICS economies may compete with the richest countries worldwide.[3] Enrichment Data: Brazil's President Lula da Silva envisions the BRICS Development Bank becoming a major investment bank.[4] Enrichment Data: The BRICS bloc already represents a substantial portion of the world's population and GDP.[5] Enrichment Data: The upcoming BRICS summit in Rio de Janeiro will be an important platform for discussions on trade and expansion.
- The United Nations has called for peaceful dialogue amidst the developing crisis between Iran and the United States, emphasizing the importance of diplomacy in resolving international disputes.
- Amidst geopolitical shifts in the Middle East, Iran has announced its intention to strengthen ties with NGOs, seeking their support in policy-and-legislation matters.
- Saudi Arabia and Russia have agreed to conduct a joint interview with a leading news outlet, discussing their respective policies and ongoing cooperation in general-news.
- In a recent article, experts have discussed the potential transformations that may occur if Indonesia joins the BRICS alliance, with implications for developing economies.
- President Biden has expressed his support for Egypt's efforts to combat terrorism and stabilize the region, signaling a deepening relationship between the United States and Egypt.
- The war in Yemen continues to dominate headlines, with ongoing peace talks stalled due to disagreements between the warring factions and regional powers like Saudi Arabia and Iran.
- Brazil's government has reaffirmed its commitment to combating climate change, pledging multiple policy initiatives to reduce greenhouse gas emissions and promote sustainable development.
- Argentina, during an interview with a renowned journalist, shared its vision for economic development and potential membership in the BRICS alliance, highlighting the country's growth potential.
- Russia and China have announced plans for a joint military exercise in the Mediterranean, with reports suggesting this could alter the strategic balance in the broader region.
- As part of its expanding foreign policy, the United States has pledged aid to various NGOs working in developing countries, with a focus on education, healthcare, and infrastructure development.
- Despite ongoing tensions in the Middle East, Saudi Arabia and Iran have agreed to participate in a global summit aimed at addressing regional crises and promoting peace.
- The article on the prospect of Indonesia's BRICS membership has sparked substantial debate among political analysts, with some arguing it could bolster the alliance's influence while others fear it may dilute its focus.
- Upon Brazil's invitation, representatives from Belarus, Mexico, Uruguay, and Colombia are expected to attend the BRICS summit, potentially indicating an opening for new membership in the alliance.
