The BRICS group of developing nations, which consists of Brazil, Russia, India, China and South Africa, has announced that it will invite six more countries to join the bloc, in a move that could increase its influence and relevance in the global arena. The six countries are Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.
The decision was made at the 2023 BRICS Summit in Johannesburg, South Africa, where the leaders of the five existing members met to discussion various issues of common interest, such as trade, investment, health, education, climate change, and security. South African President Cyril Ramaphosa, who hosted the summit, said that the expansion was a historic step that would enhance the diversity and representation of the bloc.
"BRICS has embarked on a new chapter in its efforts to build a world that is fair, a world that is just, a world that is also inclusive and prosperous", he said.
The new members will officially join the bloc on January 1, 2024. They will also have access to the New Development Bank (NDB), which is a multilateral financial institution established by BRICS in 2014 to support infrastructure and sustainable development projects in emerging economies. The NDB has already approved loans worth over $30 billion for various projects in BRICS countries and other developing nations.
The expansion of BRICS could also pave the way for more countries to seek admission in the future, as the bloc has pledged to champion the interest and aspirations of the "Global South", which refers to the developing countries that face common challenges of poverty, inequality, and underdevelopment. According to Ramaphosa, there is a consensus among the BRICS leaders on the first phase of the expansion process, and other phases will follow.
"We have decided to invite these six countries because they share our vision of a more equitable and inclusive world order. They also have significant economic potential and geopolitical influence in their respective regions", he said.
The BRICS group was formed in 2006 as an informal dialogue forum among Brazil, Russia, India, and China. South Africa joined in 2010. The group has since evolved into a formal cooperation mechanism that holds annual summits and ministerial meetings. The group aims to promote economic growth, social development, and political stability in its member states and beyond.
The expansion of BRICS comes at a time when the world is facing increasing challenges of globalization, climate change, pandemics, and geopolitical conflicts. Some analysts believe the BRICS could offer an alternative model of global governance that is more democratic, inclusive, and multipolar than the existing one dominated by Western powers.
"BRICS represents a new paradigm of international relations that is based on mutual respect, solidarity, and cooperation. It also reflects the changing balance of power in the world, where emerging economies are playing a more active role in shaping global affairs", said Professor Wang Yiwei from Renmin University of China.
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