The BRICS economic coalition of emerging markets, consisting of Brazil, Russia, India, China and South Africa, plans to expand its membership by adding six new nations: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
South African President Cyril Ramaphosa, the current BRICS chair, made this announcement during the 15th BRICS Summit hosted in South Africa. This expansion aims to make BRICS more diverse and inclusive. Twenty-three countries have formally applied for BRICS membership, and this move could enhance trade among the coalition’s participants using local currencies. It also reflects a collective desire for changes in international institutions such as the World Bank, IMF and WTO.
The expansion of the emerging market coalition has the potential to enhance its worldwide influence and counterbalance the dominance of the Group of Seven (G7). This enlargement is projected to elevate the combined gross domestic product (GDP) of BRICS nations to account for 36% of the global GDP at purchasing power parity, along with 46 percent of the global population, as communicated by Brazilian President Luiz Inacio Lula da Silva. (ETM)