In a significant move aimed at reshaping the global economic landscape, the Brics nations – Brazil, Russia, India, China, and South Africa – have unveiled plans to admit six new countries into their ranks. Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the UAE are slated to become full members starting from January 1, 2024, according to an announcement made during the Brics summit held in South Africa.
The Chinese president, Xi Jinping, lauded this expansion as a historic milestone. As the most potent force among the non-western states constituting a quarter of the world’s economy, China’s leader believes this expansion marks a fresh chapter of cooperation within Brics. He anticipates that the move will infuse renewed vitality into the Brics cooperative mechanism, contributing further to global peace and development. Ethiopian Prime Minister Abiy Ahmed also welcomed the decision, terming it a pivotal moment for his country, expressing Ethiopia’s readiness to actively engage in shaping an inclusive and prosperous global order.
The Brics summit, spanning three days in Johannesburg, saw discussions dominated by the enlargement topic. Divisions within the bloc regarding the pace and criteria for including new members were exposed. However, a consensus was reached, outlining the guiding principles, standards, criteria, and procedures for future expansions.
The interest in joining Brics was robust, with nearly two dozen countries from the “global south” formally applying for membership. Approximately 50 other heads of state and government attended the summit, underscoring the growing appeal of Brics’ message.
While US officials downplay the potential emergence of Brics as a geopolitical rival, describing it as a diverse mix of countries containing both friends and rivals, the expansion underscores Brics’ shared belief in the need to challenge the dominance of western states and institutions in the global system. This collective conviction resonates despite the varying economic models, political systems, and regional interests among Brics nations.
The admission of these six new members will elevate the Brics bloc’s representation to an impressive 46% of the world’s population and an even more substantial portion of its economic output, as stated by Brazilian President Luiz Inácio Lula da Silva.
As this transformative development unfolds, one question emerges: Should other nations consider joining Brics? This expansion carries significant implications for global economic dynamics, underscoring the importance of emerging economies’ influence in shaping international agendas. The inclusion of Iran and Saudi Arabia, two prominent regional powers, further underscores the shift in global power dynamics.
While debates surrounding Brics’ expansion and influence continue, the global order appears set for a recalibration, making it a development worth closely monitoring.
Source : theguardian