Understanding Brics: Member Nations and Objectives

The Brics group of countries, consisting of Brazil, Russia, India, China, and South Africa, is set to expand by adding five new member states from Africa and the Middle East. The organization aims to give emerging economies a stronger voice in global decision-making. Established in 2006, the group initially included Brazil, Russia, India, and China, with South Africa joining in 2010. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates are scheduled to become members from 1 January. The expanded group's name has not been announced yet, but it is likely to be "Brics +". While Argentina was invited to join, its president has declined. The Brics group holds an annual summit where major decisions are made. Each member takes turns being the president for a year. The group comprises significant world powers like China and Russia, as well as regional powers such as South Africa and Brazil. The combined population of the expanded group is approximately 3.5 billion, representing 45% of the world's population. The collective economy is worth over $28.5 trillion, accounting for around 28% of the global economy. Furthermore, Brics countries are responsible for producing about 44% of the world's crude oil. However, the group believes that Western nations dominate key institutions like the International Monetary Fund and the World Bank, which provide loans to countries. They advocate for greater representation and influence for emerging economies. In 2014, the Brics nations established the New Development Bank to provide financial assistance for development projects. To date, it has lent nearly $32 billion to emerging nations for infrastructure projects. China sees the expansion of Brics as an opportunity to enhance its power and influence, particularly in Africa. On the other hand, Russia sees it as a means to counter Western sanctions imposed after the invasion of Ukraine. The addition of Iran could further contribute to the anti-Western nature of the group. While some Brics politicians have proposed creating a common currency to reduce the dominance of the US dollar, this was not discussed at the 2023 summit. The idea of a new currency or cryptocurrency for international trade may be considered in the future. The Brics group and the G20, established in 1999 to address global issues, have significant overlap in membership. In the future, they may collaborate on issues such as climate change and reducing the influence of the US dollar. Russia will host the next Brics summit in 2023, aiming to showcase its international alliances despite the controversy surrounding its invasion of Ukraine.