Over 46% of World's Population with 30% of World's GDP The New BRICS Numbers
BRICS six new members membership is effective January 2024. This article will shed light on BRIC's political stance, accomplishments, and potential problems.
South Africa hosted the 15th BRICS summit, which included the decision to invite six more countries to join the group in January 2024. Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates all applied for membership. As a result of the enlargement, the association will have 11 members, thereby expanding its role as a geopolitical alternative to global institutions dominated by the West.
Brazilian, Russian, Indian, Chinese, and South African members have argued that they are not adequately represented in the world's institutions, particularly the World Bank and the International Monetary Fund.
Over 23% of the world's GDP comes from the BRICS five countries.
According to IMF GDP data, the enlarged grouping will account for about 30% of global GDP.
As a result of the six new members' disparate backgrounds, BRICS will surely spark debate about its true nature.
Cyril Ramaphosa, the host of the summit (22-24 August), made the following remarks:
"For BRICS, solidarity and progress are synonymous. For BRICS, inclusivity and a more just, equitable order are synonymous. For BRICS, sustainable growth is synonymous.
Throughout the group, these values and aspirations have been remarkably consistent.
BRICS: Understanding their nature
It is telling that one of the first questions about BRICS is, "What is it?". This question does not exist about the European Union or even the G20.
BRICS does not have a headquarters, secretariat, or treaty. However, it has a formal institution that is jointly owned - the New Development Bank. NDB
To name a few, it has been called a forum, a platform, a mechanism, a partnership, or a strategic partnership. Others have called it an alliance or a bloc.
A guide to the BRICS group, its members, and why it exists. South Africa's role as host of the BRICS summit presents a number of dangers.
The terms alliance and bloc are both strictly defined in international relations. Alliances refer to mutual defense agreements and military cooperation, while blocs refer to ideological consistency (political blocs) or free trade agreements (trade blocs). These characteristics are absent from BRICS.
As for India, Brazil, and South Africa becoming members of the UN Security Council, China and Russia are noncommittal (at best) in their declarations.
Indian, Brazil, and South African aspirations to play a greater role in the United Nations are understood and supported by China and Russia.
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Want to Learn More About the Issues Involved in Creating a BRICS Currency? Go Here.
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Clearly, there is some serious disagreement within the group.
Self-reportedly, the association strives to secure sustainable development for itself and the global south, protect and advance multilateralism, reform institutions to achieve representativeness and establish solidarity among members.
Development of the economy
A collective of emerging economies eager to sustain and improve their economic trajectory, the group is based on economics first. They insist on reform because of their perception of disproportionate underrepresentation in global financial institutions.
China's Africa strategy is shifting from extraction to investment, fueled by industry-rich Hunan
A contingent reserve of US $100 billion is available to members in emergencies, which is the group's greatest accomplishment to date.
The multilateral system
A second value indicates the group's concern about the use of entities outside the UN to accomplish global goals. Following the 9/11 attacks in the US, the North Atlantic Treaty Organisation (NATO) invaded Afghanistan in 2001, and the US and the UK invaded Iraq in 2003, circumventing the UN Security Council at the time.
In his speech at the 2007 Munich Conference on Security, Russian President Vladimir Putin expressed this concern:
"Force can only be considered legitimate if it is sanctioned by the UN. NATO or the EU cannot substitute for the UN."
Reform of global governance
Thirdly, BRICS countries have long urged transparent and democratic elections for leaders of global institutions. The president of the World Bank has always been an American, and the managing director of the IMF, a European. The World Bank has 189 member states, and the IMF has 190.
The New Development Bank was not intended to replace the World Bank but rather to "supplement" existing international financial institutions. According to BRICS, the World Bank should have voting rights proportional to its economic weight and a geographically balanced staff worldwide.
Communal solidarity
Finally, the members have articulated solidarity with one another in a number of declarations since 2010. These declarations refer to mutual assistance during humanitarian disasters, respecting one another's sovereignty.
Using non-alignment to avoid great power rivalries: How the global South uses non-alignment
Solidarity has come to mean silence or nonalignment in light of criticism and sanctions against China for its alleged suppression of the Uyghur-Muslim population and Russia for invading Ukraine.
Ignoring member's human rights issues represents a grave danger.
Creating a Single Currency
Creating one currency, as President Putin has suggested, is difficult but not impossible. The European Union has harmonized the economics of 27 countries. To learn more about the issues surrounding a BRICS currency, go here.
In a nutshell
Despite BRICS being a nebulous entity, it has proven advantageous for member countries hosting BRICS summits since they can set the agenda without upsetting the consensus. Summits have often been used to establish overarching themes that are supportive of the host country's domestic policies and regional leadership or foreign policy stance.
