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    World

    BRICS summit 2023: exploring expansion and growing interest from new nations

    BRICS summit 2023: exploring expansion and growing interest from new nations

    The 15th heads of state and government summit of the BRICS group is set to take place in Johannesburg from August 22 to August 24, with Brazil, Russia, India, China, and South Africa converging to discuss matters of global significance. As the event draws attention, a spotlight is being cast on what BRICS is, its current members, and the growing interest from other nations seeking to join the influential bloc.

    BRICS summit 2023
    Photo: BRICS summit 2023
    Source: Daryo

    Origins and Purpose of BRICS

    Originally coined as "BRIC" by Goldman Sachs economist Jim O'Neill in 2001, the acronym represented Brazil, Russia, India, and China,  a group of four emerging economies. These four nations were recognized for their immense growth potential and economic significance, whose collective gross domestic product (GDP) was anticipated to surpass that of the top six global economies (the United States, Japan, United Kingdom, Germany, France, and Italy) by 2050.  Initially, this was a financial notion that eventually prompted the establishment of the "BRIC Fund" investment fund by the bank in 2006. In 2009, the concept expanded to include South Africa, forming BRICS, with Russia spearheading its establishment.

    Jim O'Neill, an economist at Goldman Sachs
    Photo: Jim O'Neill, an economist at Goldman Sachs
    Source: Google Images

    Contrary to formal multilateral organizations like the United Nations or the World Bank, BRICS functions as an informal club, aimed at offering an alternative platform for its members to challenge the traditional dominance of Western powers in the global order. Its annual summit convenes the heads of state and government from each member nation, with a rotating chairmanship.

    Founding and Current Members

    The BRICS alliance consists of Brazil, Russia, India, China, and South Africa. These nations collectively represent over 40% of the global population and approximately a quarter of the world's economy. Their focus extends beyond geopolitics, encompassing economic cooperation, multilateral trade enhancement, and development.

    BRICS Members
    Photo: BRICS Members
    Source: Google Images

    BRICS operates on consensus, allowing each member's voice to shape the group's direction. Importantly, all BRICS nations are also part of the Group of 20 (G20), which encompasses the major economies of the world.

    Rising Interest: Nations Eager to Join BRICS

    A notable development surrounding the upcoming summit is the increasing interest expressed by more than 40 countries wishing to join the BRICS forum. Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan are among those keen on joining the bloc.

    Countries interested in joining BRICS
    Photo: Countries interested in joining BRICS
    Source: Daryo

    These aspiring members perceive BRICS as a counterbalance to traditional Western-dominated global bodies, harboring hopes of gaining access to development finance, expanded trade opportunities, and increased investment. The COVID-19 pandemic exacerbated frustrations among developing nations as wealthy countries secured vaccines, leaving others vulnerable.

    Iran, which possesses approximately 25% of the oil reserves in the Middle East, has expressed its desire for the process of determining new membership procedures to be concluded "at the earliest."

    Saudi Arabia, a heavyweight in the oil industry, participated in the "Friends of BRICS" talks and has received support from Russia and Brazil in its bid to join. 

    Argentina gained China's formal backing for its membership pursuit in July 2022.

    Ethiopia, an African economic growth leader, has expressed its desire to join BRICS, aiming to collaborate with international institutions that safeguard its interests.

    Bolivia's President Luis Arce's keenness to join the group aligns with his government's intent to reduce reliance on the U.S. dollar for foreign trade, favoring the Chinese yuan, which is in line with BRICS' objective of reducing dollar dependency.

    Algeria, rich in oil and gas resources, applied for BRICS membership and aspires to become a shareholder in the New Development Bank, commonly known as the BRICS Bank. The nation aims to diversify its economy and strengthen collaborations with China and other partners.

    As BRICS prepares to hold its 15th summit, the bloc's influence and attractiveness continue to expand, resonating with nations seeking alternatives to established global structures. The dynamics of the summit will likely set the tone for BRICS' future direction and its engagement with aspiring members.

     

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    21.08.2023, 19:33   Comments (0)   1601
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