BRICS is an acronym for the group of five major emerging economies, promoting cooperation and collaboration on various issues. Known as “BRIC” before South Africa joined in 2010, these countries have significant influence on regional and global affairs, large populations, and rapidly growing economies.
They work together on political, economic, and strategic matters to enhance their global influence. BRICS holds annual summits to discuss economic cooperation, trade, security, and global governance. They also cooperate on initiatives like the New Development Bank (NDB), which provides funding for infrastructure and sustainable development projects in member countries and other emerging economies.
The BRICS (Brazil, Russia, China, India, Brazil, China, India, Brazil, and South Africa) is an international alliance of emerging economies formed in the early 2000s. Initially known as “BRIC,” it was formed due to the potential of these five nations to significantly influence global affairs.
Its goal is to promote cooperation among emerging economies and counter Western-dominated institutions like the IMF and World Bank. The BRICS countries, comprising a significant portion of the world’s population and GDP, have collectively influenced global issues like climate change, terrorism, and economic development. As the alliance expands, new member nations join, raising speculation about the combined GDP.
The 15th BRICS Leaders Summit took place in Johannesburg, four years after the last meeting in Brasilia due to the COVID-19 pandemic. The summit, known as the ‘expansion summit’, is the fifth in the BRICS pantheon, following the 2009, 2011, 2014, and 2017 summits. The first standalone summit meeting was held in 2009 in Yekaterinburg, Russia, elevating the BRIC grouping. The BRICS Bank, established in Brazil, and their Contingent Reserve Arrangement (CRA) were introduced in 2017. The BRICS-plus format was introduced in 2017, and Middle East countries, Saudi Arabia, UAE, Iran, Egypt, Ethiopia, and Argentina, will become full members of BRICS starting January 1, 2024. The leaders have asked their foreign ministers to develop a BRICS country partner model and report on potential partner countries at their summit in Kazan, Russia.
The induction of Middle East and North African countries, many of which have internecine quarrels, should not be seen as a liability to the grouping’s larger coherence and operation. Instead, the induction of conflicted neighboring countries should be seen as a strength, demonstrating their commitment to champion an equal partnership of countries that share a common vision of a fairer world. The BRICS grouping, consisting of 11 countries, is set to expand its membership in the coming years. The group’s core principles should remain unchanged, with cooperation based on common interests and no litmus tests. Bilateral frictions should be kept out of larger group dynamics, and geographical or functional issues should be set aside.
The original BRICS countries share the rare attribute of being among a select list of non-Western states that can afford the luxury of independent-mindedness within the international system. This should inform the criteria for prospective partner countries being considered for admission. Indonesia should be a leading player in the BRICS group, a leading internationalist and secular-minded state with a strong tradition of pluralism and independence.
The expanded BRICS should remain the premier platform for South-South cooperation, with the New Development Bank expanding its influence through faster loan approvals, lean organizational structures, and broadening financing instruments. The BRICS grouping should also become a crucial forum for discussing the overhaul of the international monetary and financing system. The New Development Bank should accelerate trade invoicing and settlement in local currencies, modernizing the IMF’s concessional financing facilities, and broadening existing Special Drawing Rights (SDR) arrangements. The BRICS nations must strengthen their international monetary and financing systems and deter external powers from weaponizing the global economy’s infrastructure to their disadvantage.
The BRICS should also increase their political cooperation and speak in one voice on global challenges, aiming to return the international system to the United Nations-centered moorings envisioned by its founders. The BRICS seek to overcome polarity and division, creating a world without barriers between North, South, East, and West. The BRICS countries must adhere to international law to maintain a sense of community and equilibrium in the United Nations-centered international economic and political order, as they are at the forefront of a new and complex era in global politics.
BRICS Expansion: A Look at the New Member Countries
The BRICS alliance has been urged to expand its membership to enhance its geopolitical clout and make it a more inclusive platform for emerging economies. Mexico, the second-largest economy in Latin America, has expressed strong interest in joining the expanded BRICS, as it would provide the alliance with a foothold in the Americas and bolster its economic and political standing. Indonesia, one of the largest economies in Southeast Asia, would open up opportunities for cooperation and strengthen the alliance’s influence in Asia-Pacific affairs.
Turkey, straddling Europe and Asia, has shown keen interest in joining BRICS due to its geostrategic location and economic prowess. Nigeria, the largest economy in Africa, would further solidify BRICS’ presence on the African continent and enhance cooperation on issues such as regional stability and economic development.
Egypt’s geographical location and historical significance make it an attractive candidate for BRICS expansion, providing a stronger foothold in the Middle East and North Africa. Vietnam, one of the fastest-growing economies in Southeast Asia, would bring economic dynamism to the alliance and strengthen its position in the Asia-Pacific region. The inclusion of these new member countries would have significant implications, including enhanced economic clout, geopolitical influence, and diverse perspectives on global challenges.
BRIC Expanded: The Evolution of an Economic Powerhouse
BRIC (Brazil, Russia, India, China) is an acronym representing the four major emerging economies of Brazil, Russia, India, and China. The term was coined by former Goldman Sachs economist Jim O’Neill in 2001 to predict the future of global economics. The BRIC nations share common traits such as large populations, vast land masses, rich natural resources, and robust economic growth rates. Since its introduction, these countries have seen their economies expand exponentially and played an increasingly influential role in shaping global economic policies.
China has become the most prominent member of the BRIC group due to its rapid industrialization, export-oriented growth, and massive consumer market. India, another BRIC nation, has made significant strides with a burgeoning middle class and focus on technology and services, becoming a hub for software development and outsourcing. Brazil, often associated with its vast rainforests and Carnival celebrations, has faced economic and political challenges but remains an important contributor to the BRIC group due to its rich resource base.
Russia, with its extensive energy reserves and geopolitical tensions, remains a vital member of the BRIC bloc due to its geopolitical influence and natural resources. BRIC initially focused on these four nations but has expanded over the years to include other emerging economies, leading to the term BRICS. South Africa’s inclusion brought a continental perspective to the group, highlighting the potential for growth and development in Africa.
The BRIC/BRICS countries have recognized the importance of collaboration in addressing global challenges and promoting economic growth. They have established institutions like the New Development Bank (NDB) to fund infrastructure and sustainable development projects, offering an alternative to traditional Western-dominated financial institutions like the World Bank and the International Monetary Fund.
BRICS: A Closer Look at Its Purpose and Impact
BRICS, or Brazil, Russia, India, China, and South Africa, is a coalition of emerging economies that emerged in the early 2000s. The grouping was initially known as “BRIC,” representing Brazil, Russia, India, and China. South Africa joined the alliance in 2010, resulting in the inclusion of the letter “S” and the formation of BRICS. The primary catalyst behind the creation of BRICS was the shared recognition of the potential of these five nations to exert significant influence on the global stage due to their substantial populations, vast territories, and rapidly growing economies.
BRICS aims to promote economic cooperation among its member nations, leveraging their economic clout to advance the interests of their member states and contribute to global economic stability. It also serves as a platform for member nations to engage in political diplomacy and dialogue, advocating for common goals such as reforming global governance institutions like the United Nations and the IMF.
BRICS also focuses on development and infrastructure projects, with initiatives like the New Development Bank (NDB) providing financing for sustainable infrastructure projects in member nations and other developing countries. Additionally, BRICS promotes cultural exchange and people-to-people interactions among its member nations, fostering greater understanding and cooperation between diverse societies.
BRICS countries collaborate to tackle global issues like climate change, terrorism, and weapons of mass destruction, aiming to enhance global stability and security. Since its inception, BRICS has made significant progress in enhancing its member nations’ influence on the global stage, with the New Development Bank funding infrastructure projects and pushing for global governance reforms. However, criticisms include a lack of a unified stance on many issues, economic disparities among member nations hindering cooperation, and geopolitical tensions and conflicts straining the alliance’s cohesion. Despite these challenges, BRICS continues to strive for global stability and security.
BRICS Alliance Continues to Surge: Unveiling the Collective GDP of the Expanded Bloc
The BRICS alliance, which includes Argentina, Turkey, and Indonesia, has expanded its membership in recent years, broadening its geographic and economic scope. The collective GDP of the expanded BRICS is calculated by considering the individual GDPs of all member nations. China has the largest GDP among BRICS nations, surpassing $14 trillion USD. India follows closely behind, with a GDP exceeding $3 trillion USD. Russia’s GDP stands at approximately $1.7 trillion USD, making it the third-largest economy within BRICS. Brazil’s GDP hovers around $1.5 trillion USD, solidifying its position as the fourth-largest economy within the alliance. South Africa rounds out the original BRICS members with a GDP of around $350 billion USD. Argentina, the first of the new BRICS members, has a GDP of approximately $450 billion USD. Turkey, another newcomer, has a GDP exceeding $800 billion USD. Indonesia, the most recent addition to BRICS, has a GDP of around $1.2 trillion USD. The collective GDP of the expanded BRICS amounts to an astonishing $22.2 trillion USD, establishing it as a formidable economic force on the global stage.
The BRICS alliance, comprising China, India, Russia, Brazil, South Africa, Argentina, Turkey, and Indonesia, has a collective GDP of approximately $22.2 trillion USD. This significant figure highlights the group’s economic significance and its potential to shape the global economy in the years to come. As the world continues to face economic uncertainties and challenges, the expanded BRICS is poised to play a pivotal role in defining the future of international economic cooperation. However, the alliance faces challenges due to its diverse economies, political landscapes, and interests among member nations.