In a significant development that underscores the evolving landscape of international relations, the coalition of BRICS countries – comprising Brazil, Russia, India, China, and South Africa – has come to a consensus to expand its membership. This comes amid growing interest from several nations eager to be part of this influential group.
The Backdrop: The latest BRICS summit took place in Johannesburg, South Africa, signaling the group’s intent to evolve. Current projections indicate that the alliance is set to grow from its current five members to 11 by the beginning of 2024. Subsequent phases could see the inclusion of even more countries.
This expansion has led to increasing concerns in global circles. Some perceive this as a burgeoning counterweight to institutions traditionally dominated by Western powers.
By The Numbers: Data presented by Visual Capitalist provides a glimpse into the potential power of the expanded BRICS bloc. Collectively, these countries would be responsible for a significant 29% of the world’s GDP, represent 46% of the global populace, contribute 25% to global exports, and command 43% of worldwide oil production.
Implications for Global Order: Observers have highlighted the possible challenges this could pose to major Western-led entities like the G-7, the International Monetary Fund, and the World Bank. Drawing parallels, the Center for Strategic and International Statistics pointed out that just as the U.S. fortified its mineral supplies via the “Minerals Security Partnership” in June 2022, BRICS is on a similar path. With the potential addition of Argentina, the coalition could boast three of the world’s top lithium producers.
Furthermore, by potentially including nations such as Saudi Arabia, the UAE, and Iran, the BRICS bloc could house three of the world’s preeminent oil-exporting giants.
A Changing Balance of Power?: The inclusion of countries, especially like Iran, is indicative of a subtle yet significant shift. As articulated by the Atlantic Council, a renowned American institute specializing in international affairs, this could reinforce an axis within BRICS that is more confrontational towards U.S. interests. This development is set to make diplomatic engagements more intricate for the U.S. and its Western allies.
With these expansions, BRICS is not just augmenting its numbers but also arguably enhancing its geopolitical clout in an increasingly multipolar world.
