The alliance of BRICScomposed of Brazilof the Russiaof indiaof the China and of South Africa, received an unprecedented 19 applications from countries wishing to join this powerful economic bloc. This wave of interest comes as the annual BRICS summit to be held in South Africa this summer, where expansion will be at the heart of discussions.
Bloomberg reported the growing list of applications following the BRICS countries’ announcement earlier this year that they were open to expanding their membership. The South African ambassador to the group, Anil Sooklalgave an overview of the agenda for the next summit.
What will be discussed is the expansion of BRICS and the modalities of how this will happen.
The growing impact of the BRICS group on the global economy
According Sooklal, 13 countries have formally requested to join the BRICS alliance, while six others have made informal requests. New applications are submitted daily, making the expansion of the group more and more likely. However, the prospect of admitting new members raises concerns among the current BRICS nations about the dilution of their influenceespecially when it comes to China’s close allies.
THE China’s GDP is already twice that of the other four BRICS countries combined, raising concerns about Beijing’s dominance within the group. The inclusion of China’s allies could make this problem worse, but the summit will see the foreign ministers of the five member states address these concerns.
The BRICS countries have already overtaken the nations of G7 in terms of GDP (PPP), further shifting the global balance of power. With the potential expansion of the alliance, this trend could continue and even accelerate the group’s ongoing efforts to replace the US dollar in international trade.
While the nations of BRICS prepare for their annual summit, the expansion issue will undoubtedly be a central topic of discussion. The potential addition of members among the 19 new requests could significantly alter the dynamics of the group, as well as reshape the global economic landscape. Decisions taken at the summit will be watched closely by the international community, as they could signal significant shifts in economic power and influence globally.
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