The abbreviation “BRICS” stands for the developing national economies of South Africa, Brazil, Russia, India, and China. Jim O’Neill, an economist at Goldman Sachs, first used the word “BRIC” in his 2001 paper, (Global Economics Paper No: 66). Brazil, Russia, India, and China all enjoyed tremendous economic growth at time. Prompting question is about how they will affect the global economy. Informally gatherings of these nations’ foreign ministers began in 2006, and from there, more official annual summits started in 2009.
On the third day of a meeting of the organisation that sees itself as a counterweight to Western powers. South African President Cyril Ramaphosa announced that Saudi Arabia and Iran are two of the six nations that will join as new members next year. The three-day annual summit held this week in Johannesburg saw agreement on “the guiding principles, standards, criteria, and procedures of the BRICS expansion process,”. The group, which consists of the five major emerging economies of China, Brazil, South Africa, Russia, and India, decides by consensus.
Argentina, Egypt, Ethiopia, and the United Arab Emirates will join Saudi Arabia and Iran as full BRICS members in January 2024 as part of the first phase. Additional stages will come.
Commitment To Balance The World Order
The three-day meeting in Johannesburg has prioritised the discussion of enlargement. And while all of the BRICS nations officially stated their support for the bloc’s expansion, there were disagreements among the presidents as to how quickly and by how much. Even though the BRICS countries account for nearly 40% of the world’s population and a quarter of its gross domestic product, the group has long struggled to make a significant impact on the political and economic landscapes of the world.
China’s President Xi Jinping stated in remarks made after the announcement on enlargement that “this membership expansion is historic.” “It demonstrates the BRICS countries’ commitment to cooperation and unity with the larger developing countries.”
India’s Position on Expansion
India pushed for the establishment of guidelines and procedures that would control which nations might join the BRICS, even though it had not blocked the BRICS’ expansion. Over 20 countries have submitted applications to join BRICS, according to South African authorities who spoke before the summit. Rumours suggested names like Cuba, the Comoros, Bolivia, Algeria, and Indonesia, among others.
Pakistan is not in BRICS
An additional degree of complexity has been added to the present negotiations. Result of China’s earlier desire to include Pakistan in the BRICS alliance. China’s reasoning for taking this action is based on its conviction. The BRICS alliance should embrace an expanded membership in order to accommodate more developing countries.