September 21, 2023

Adding 6 New Members, BRICS to Shape Nearly 40% of Global Economy

  • September 1, 2023
  • 3 min read
Adding 6 New Members, BRICS to Shape Nearly 40% of Global Economy

The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is set to undergo a significant expansion with the addition of six new members. This expansion is poised to further solidify the alliance’s influence on the global stage, with the combined economies of BRICS now accounting for nearly 40% of the world’s economic output.

The expansion of BRICS, initially established in 2009 as BRIC, with South Africa joining later in 2010, marks a strategic move towards increasing its geopolitical and economic influence. The newly included members, Argentina, Indonesia, Mexico, Turkey, Nigeria, and Egypt, bring diverse economies, cultures, and regions into this formidable coalition.

The economic significance of this expansion cannot be overstated. The BRICS nations, even before the inclusion of the new members, were already influential players in the global economy. They have been responsible for a substantial share of global economic growth and trade. With the addition of the six new members, BRICS will encompass a more extensive and more diverse set of economies, strengthening its position as a major driver of the global economy.

The inclusion of these new members highlights several key points BRICS:

1. Diverse Economies:

The six new members represent diverse economic models, with varying degrees of industrialization and economic development. This diversity within BRICS will provide a broader perspective on global economic issues and challenges.

2. Geopolitical Reach:

The geographical spread of the new members extends BRICS’ influence to different regions, such as Latin America, Africa, and Southeast Asia. This will enable the alliance to address a wider range of global concerns.

3. Increased Trade:

The expansion is likely to lead to increased trade and economic cooperation between BRICS and the new members. This can foster economic growth and stability in the member countries.

4. Enhanced Bargaining Power:

With a larger share of the global economy, BRICS will have more significant bargaining power in international forums and organizations, potentially reshaping global economic policies and institutions.

However, there are challenges and considerations that come with this expansion BRICS:

1. Differing Priorities:

The new members may have differing economic and political priorities, potentially leading to internal disagreements within BRICS.

2. Economic Disparities:

Wide disparities in economic development among the member nations could pose challenges in harmonizing economic policies and goals.

3. Global Leadership:

With increased influence comes greater responsibility. BRICS will face higher expectations to address global issues such as climate change, security, and poverty alleviation.

4. Competing Interests:

Member nations may have competing interests in global markets, leading to trade tensions and rivalries.

It’s essential to recognize that the expansion of BRICS signifies not only economic power but also a commitment to fostering greater cooperation and addressing global challenges collectively. As the new members integrate into the alliance, BRICS will need to navigate these complexities while leveraging its newfound strength to benefit its member nations and contribute positively to global affairs.

In conclusion, the addition of Argentina, Indonesia, Mexico, Turkey, Nigeria, and Egypt to the BRICS alliance marks a significant development in global geopolitics and economics. This expansion positions BRICS as a formidable player, representing nearly 40% of the world’s economy. While challenges lie ahead, the alliance has the potential to shape global economic policies and tackle pressing global issues more effectively with its newfound diversity and strength.

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