BRICS consists of 5 emerging economies: Brazil, Russia, India, China, and South Africa. Thanks to the advantages of population, geographical location, and internal strength of member economies, BRICS has gained an increasingly important position of influence in the world.

Membership to double

On the final day of the 3-day Summit on Thursday, the BRICS leaders agreed to expand the bloc, and called for more transparent and inclusive cooperation to ensure global order, justice, and equality. The expansion will raise BRICS’s global influence at a time when geopolitical polarization is pushing Russia and China to strengthen BRICS as a counterweight to the West.

The six countries invited to join BRICS are Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia. The new candidates will be admitted as members on January 1, 2024.

This is the second time BRICS will expand. After its establishment in 2009 by Brazil, Russia, India and China, the bloc added South Africa in 2010. BRICS now accounts for about 40% of the world's population and 25% of global GDP.

The decision to expand the bloc does not come as a surprise because BRICS member countries have openly expressed their support for the expansion plan. But the challenge lies in the different views among the member countries on the standards, criteria, and procedures of an expanded bloc.

South African President Cyril Ramaphosa speaks at the BRICS Business Forum on Augyet 22, 2023. (Photo: BRICS)

South African President Cyril Ramaphosa said BRICS is ready to expand the group as it pursues greater influence in shaping the world order.

Chinese President Xi Jinping said that BRICS is an important force in shaping the global situation as the world is undergoing a shift and entering a new era. Xi said that the BRICS countries should always bear in mind their founding purpose of strengthening themselves in unity and in a strong sense of responsibility in enhancing cooperation across the board.

Indian Prime Minister Narendra Modi reaffirmed his strong support for the bloc’s expansion and new members.

Egyptian President Abdel Fattah El Sisi said that Cairo, as a new BRICS member, will work closely with the group to achieve economic development goals and strengthen the voices of countries in the southern hemisphere. UAE President Mohammed bin Zayed said that Abu Dhabi wishes to cooperate with BRICS for prosperity and benefit of all countries and people around the world. 

Saudi Arabia’s Foreign Minister Faisal bin Farhan Al Saud said that the country highly appreciates the role, position, and potential of BRICS, and wants to cooperate closely with the group to achieve development goals.

BRICS’ economic cooperation strategy realized step by step

The multifaceted cooperation within BRICS makes an important contribution to the sustainable growth of each member country as well as promoting global economic recovery.

Chinese President Xi Jinping said that China will study the establishment of the BRICS Global Remote Sensing Satellite Data and Application Cooperation Platform for agriculture, ecological conservation, and disaster reduction. In addition, the country will also work with all stakeholders to jointly establish the BRICS Framework for Industrial Cooperation for Sustainable Development. China will also work with parties to build a BRICS Framework on Industrial Cooperation for Sustainable Development aligned with the UN 2030 Agenda for Sustainable Development.

Speaking online from Moscow, Russian President Vladimir Putin emphasized that he would promote the BRICS economic cooperation strategy to 2025 and develop new long-term cooperation roadmaps. Among them is to strengthen the role of member states in the international monetary and financial system, cooperate more closely in inter-banking, taxation, customs, and anti monopoly action, and strengthen humanitarian relations in general.

Amidst fiercer competition among powers and global polarization, experts say that the rise of BRICS shows the possibility of a power shift from the Northern Hemisphere to the Southern Hemisphere and the growth of emerging and developing countries. 

The expansion of BRICS and economic connectivity within the bloc can create a new balance with Western countries. It is important that countries strengthen measures to build trust, harmonize interests, and cooperate instead of increasing competition, in order to develop together sustainably.