Earlier this year, the BRICS nations disclosed that they were seeking new members in an attempt to expand their membership.
The quest to expand the number of member nations is aimed at boosting the organization’s power position by ensuring a significant shift in the global economy, which also entails efforts to ensure the US currency is replaced in international trade.
To this effect, the New Development Bank (NDB), established by the BRICS nations, is moving away from the use of the US dollar in its global trade arrangements.
Recently, 19 nations submitted an official request to join BRICS, some of them citing BRICS’s strong economic and trade initiatives as the reason behind their request. The BRICS nations have a better GDP in comparative terms than the G7 nations and are willing to widen the gap.
The BRICS states will debate new membership at their summit in June, according to South Africa’s ambassador to the group, Anil Sooklal. The expansion of BRICS and the mechanisms for making this happen will be examined.
“Thirteen countries have formally asked to join, and another six have asked informally. And new applications are submitted every day”, he said.
China first proposed the idea of growing the group in early 2022, but it received little support since members were concerned about how it would affect their rapidly improving reputation as a potent economic and trade bloc.
Additionally, there was concern over China’s allies joining and tipping the economic scales. China’s GDP is enormous and double that of all other members put together.
In spite of these fears, the BRICS have agreed that an expanded BRICS will bring far-reaching positive outcomes. Therefore, discussions for expansion will be heavily referenced in its 15th Annual Summit, which will be scheduled from August 22 to 24, 2023.
BRICS is a trade and economic driven governmental organization founded in 2001. It is made up of five nations, which include Brazil, Russia, India, China, and South Africa.
