BRICS: An Introduction
BRICS stands for Brazil, Russia, India, China, and South Africa. Formed in 2009, it represents major emerging economies, accounting for over 40% of the world population and 26% of the world's land area.
BRICS' Economic Significance
Collectively, BRICS countries contribute about 24% of the global GDP. They have substantially increased their share of global trade, from 11% in 1990 to 30% in 2018.
New Members Interest
Argentina and Iran have officially applied to join BRICS in 2022. The expansion reflects BRICS's growing influence and the desire of other countries to diversify their international partnerships.
BRICS Plus Mechanism
BRICS Plus is a concept for expanding BRICS's outreach. It includes dialogues with non-member countries, fostering broader cooperation in areas like economy, peace, and security.
Expansion raises questions around cohesion and the group's decision-making ability. Adding new members with diverse political systems and economies could strain the original BRICS objectives.
Implications for Global Order
BRICS expansion could shift the balance of global power, offering an alternative to Western-dominated institutions. It may lead to the creation of new economic and political alliances.
The expansion could redefine global economic governance, but it depends on how effectively BRICS can maintain unity and address issues like trade barriers and political differences among its members.