The BRICS group of emerging economies witnessed a major expansion early in January 2024 as five new members—Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia—officially joined its ranks.
This follows their invitation in August 2023 at the BRICS summit in Johannesburg, with Argentina opting out at the end of December.
Established in 2006 by Brazil, Russia, India, and China, BRICS later welcomed South Africa in 2010.
Over time, it has emerged as a key platform for collaboration among developing economies.
This latest expansion, doubling the group’s membership, aims to boost its global influence.
The combined population of these ten nations now hovers around 3.5 billion, representing approximately 28% of the world’s economic output, valued at over $28.5 trillion.
This significant growth has the potential to reshape the geopolitical landscape, but its implications remain subject to debate.
While some experts point to the potential for internal differences to hamper decision-making and weaken BRICS’ collective power, others view the expansion as a step towards greater representation for emerging economies.
Notably, Brazil’s president advocated for a common BRICS currency last year, aiming to reduce reliance on the US dollar.
Leading the group for the next year is Russia, which assumed the chairmanship from Saudi Arabia in January.
Under the theme “Strengthening Multilateralism for Equitable Global Development and Security,” Russia will host the annual BRICS summit in Kazan in October 2024.
This expansion marks a significant moment for BRICS, presenting both opportunities and challenges.
Whether it proves to be a unifying force or a source of friction remains to be seen, but its impact on the global landscape is sure to be noteworthy.
BRICS nations have admitted new members in their quest to expand the group’s strategic interests and influence across the globe.
