In a move that marks a significant transformation for the global economic landscape, the BRICS alliance is poised to expand its horizons by welcoming six new member nations. The decision was unveiled during the 2023 BRICS Summit held at Johannesburg’s esteemed Sandton Convention Centre on August 24, 2023. This expansion is set to fuel substantial growth in the collective Gross Domestic Product (GDP) of BRICS nations while reinforcing the alliance’s position on the global stage.
The BRICS consortium, comprising Brazil, Russia, India, China, and South Africa, has long sought to challenge the conventional dominance of Western institutions such as the World Bank and the International Monetary Fund (IMF). This year’s summit introduced a pivotal development: the incorporation of the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates. With these additions, the BRICS family will encompass a total of 11 member nations.
Cyril Ramaphosa, President of South Africa and the host of the summit, formally extended the invitation to the six nations, stating, “We have decided to invite these six nations to join BRICS as full members, with the membership taking effect from January 1, 2024.” This decision underscores BRICS’ commitment to uniting nations for global economic advancement and innovative collaboration.
This expansion is projected to amplify the collective GDP of BRICS nations by a substantial 36%, positioning it to represent 36% of the global GDP. Moreover, the combined population of these member nations will account for an impressive 47% of the world’s total population. The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE fortifies BRICS’ influence not only economically but also geopolitically.
Narendra Modi, Prime Minister of India, emphasized the power of this union, stating, “BRICS’ expansion and modernization send a clear signal that global institutions must adapt to evolving times.” This expansion resonates with the alliance’s dedication to fostering unity and inclusivity among member nations.
The decision to expand the alliance was a thoughtful one, as Ambassador Anil Sooklal, the BRICS Sherpa, confirmed, “We received formal applications from 22 countries. The chosen six have been meticulously considered to ensure a structured expansion.” This strategic approach underscores BRICS’ commitment to maintaining cohesion and shared purpose.
The adoption of the Johannesburg Declaration 2 during this year’s summit signifies a new phase for BRICS. This declaration sets the stage for the development of member nations, ushering in more inclusive economic policies that benefit all participants. As 2024 approaches, the world will witness BRICS evolving into a robust coalition embodying diversity, economic strength, and a shared vision for a promising global future.
Photo Source: Google
By: Montel Kamau
Serrari Financial Analyst
26th August, 2023
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