BRICS expansion prelude to reshuffling world order
The BRICS group has become an important platform for cooperation among emerging markets and developing countries, and the doubling of its members is aimed at increasing the group's clout on the global stage.
The five countries
were to join the group in August 2023 at the 15th BRICS summit in Johannesburg,
South Africa. Argentina was also invited but backed out at the end of December.
The BRICS group of
emerging countries was formed in 2006 by Brazil, Russia, India and China, with
South Africa joining in 2010.
The newly expanded
BRICS has a combined population of about 3.5 billion people, with a combined
economy worth over $28.5tn or about 28% of the global economy.
The group's growth
could mark a shift in the geopolitical landscape, although analysts remain
uncertain as to whether the expansion will be a help or a hindrance to BRICS
Some experts say
that differences within the group could weaken decision-making and BRICS' power
countries are hoping that the expansion will lead to greater representation for
emerging economies and a chance to move away from reliance on the US dollar.
In August last year,
Brazil's president called for BRICS nations to adopt a common currency for
trade and investment between each other.
Russia took over the
BRICS presidency on Monday, following on from South Africa's chairmanship in
Under the motto
"Strengthening Multilateralism for Equitable Global Development and
Security", Russia will hold the chair for one year and will host the BRICS
annual summit in Kazan in October.
Vladimir Putin has said he plans to increase BRICS' role in the international
financial system and will "spare no effort to ensure that [...] we
facilitate the harmonious integration of new participants" in activities.