The BRICS (Brazil, Russia, India, China, and South Africa) is a group of countries that comprise Brazil, Russia, India, China, and South Africa. The acronym was coined in 2001 by Goldman Sachs economist Jim O’Neill to describe fast-growing economies predicted to dominate the global economy by 2050.

The BRICS nations, which comprise about 27% of the world’s land surface and 42% of the global population, are considered current or potential emerging superpowers. They are members of the G20 and have a combined nominal GDP of $28 trillion, a total GDP of around $57 trillion, and an estimated $4 trillion in combined foreign reserves.

Originally identified for investment opportunities, the BRICS have evolved into a more cohesive geopolitical bloc since 2009. Bilateral relations among BRICS are based on non-interference, equality, and mutual benefit. The BRICS nations are considered the foremost geopolitical rival to the G7 bloc, with competing initiatives such as the New Development Bank, BRICS Contingent Reserve Arrangement, BRICS payment system, BRICS Joint Statistical Publication, and BRICS basket reserve currency.

Since 2022, the group has sought to expand membership, with several developing countries expressing interest. Full membership is scheduled to take effect on 1 January 2024.

South African President Cyril Ramaphosa announced at the 15th BRICS Summit in August 2023 that six emerging market group countries (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE) would join the bloc, with full membership expected in January 2024. This expansion is part of a plan to create a “multipolar” world order, highlighting the voices of the Global South.

Underneath 14 countries have applied for membership of BRICS:

  • Algeria
  • Bahrain
  • Bangladesh
  • Belarus
  • Bolivia
  • Cuba
  • Honduras
  • Kazakhstan
  • Kuwait
  • Palestine
  • Senegal
  • Thailand
  • Venezuela
  • Vietnam

whereas numerous countries, including Afghanistan, Angola, Comoros, DR Congo, Gabon, Guinea Bissau, Myanmar, Nicaragua, North Korea, Pakistan, Sudan, Syria, Tunisia, Turkey, Uganda, and Zimbabwe, have expressed interest in BRICS membership.

Leave a Reply

Your email address will not be published. Required fields are marked *