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    Five countries officially joined the BRICS

    Posted 01 Feb 2024

    Updated 16 Mar 2024

    2 min read

    • BRICS is a group comprising of Brazil, Russia, India, China, and South Africa.
    • New members, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have confirmed the invitation to join BRICS.
      • Argentina has decided to not join BRICS.
    • The last expansion of the BRICS occurred in 2010 when South Africa joined the group.

     

    • Significance of expansion
      • Increased global representation: BRICS now represents almost half the world's population and over a quarter of global GDP.
      • Shifting power dynamics: Will increase multipolarity and will challenge the established Western-led order.
      • South-South cooperation: Will raise cooperation among developing countries.
        • This will help India in advancing its claim as the leader of the global south.
      • Strategic: Will help to make a collective voice for the restructuring of global institutions.

     

    • Challenges with the BRICS
      • The divergence between countries with respect to their world view for example India sees BRICS as non-western whereas China sees it as anti-western.
      • Various economic and political sanctions on members may cause economic disruptions.
      • Internal trust deficit among the member states and lack of common understanding of standards, criteria, and procedure of expansion.
      • Overlapping with other groups like IBSA (India, Brazil, and South Africa).

     

    • Tags :
    • BRICS
    • Expansion of BRICS
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