BRICS Expansion: 40 New Members joining BRICS
BRICS Expansion: 40 New Members joining BRICS
Fastepo: 4-16-2024
More than 40 countries have expressed their interest in joining BRICS, with this number steadily increasing over time, according to an interview by Grigory Karasin, a senior Russian politician on April 16th, 2024.
Karasin emphasized the attractiveness of BRICS' flexible cooperation model, citing the ongoing rise in potential member nations as evidence.
Following the recent addition of new members—Saudi Arabia, Iran, the United Arab Emirates, Egypt, and Ethiopia—the total GDP (PPP) of the BRICS bloc is approximately $58.5 trillion USD.
This enhanced economic size underscores the bloc's growing influence in global economic affairs. The expanded BRICS now aims to be a more inclusive representation of the Global South and is positioning itself to have greater influence in global economic and political affairs.
The bloc is focused on enhancing trade and investment among its members in local currencies to reduce dependency on the dollar and other major reserve currencies.
This de-dollarization move is intended to strengthen economic ties within the bloc and with other developing countries.
BRICS leaders have reiterated their commitment to reforming international governance structures like the United Nations and other multilateral organizations to ensure more equitable representation of emerging and developing economies.
The group is also keen on promoting sustainable development, climate action, and addressing issues like poverty and hunger, consistent with the Sustainable Development Goals (SDGs).
The bloc faces challenges related to its expansion strategy. The lack of a formal institutional structure and the diverse interests of its members make consensus-building difficult, which could dilute the group’s effectiveness in achieving its goals.
The inclusion of countries with significant geopolitical and economic differences, such as Iran and Saudi Arabia, adds complexity to internal dynamics.
While the BRICS bloc is set to continue its expansion, this may further challenge the group’s cohesion. However, the collective economic weight of its members, particularly in areas like oil production, provides a substantial platform to influence global economic trends.
The group’s focus remains on creating a counter-narrative to Western economic and political dominance, positioning itself as a key player in global affairs.
In this video, we will delve into several topics including: Why does BRICS strategy not resemble European Union?, BRICS currency and financial system, BRICS nations moving toward complete de-dollarisation and last but not the least, we also explain Collective power of the blocs as of April 2024.