The BRICS group of emerging economies has agreed to expand to 11 members, with Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joining the bloc. The expansion, which will take effect on January 1, 2024, is seen as a major coup for BRICS, which has been seeking to increase its influence in the global order.

The BRICS countries are all major emerging economies with significant political and economic clout. Together, they account for over 40% of the world's population and nearly 25% of the global economy. The expansion of BRICS is likely to further strengthen the bloc's economic and political power, and could challenge the dominance of the United States and other Western countries in the global order.

Background

The BRICS acronym was coined by Goldman Sachs in 2001 to refer to Brazil, Russia, India, China, and South Africa. These countries were all identified as having strong economic growth potential and were seen as potential rivals to the established economic powers of the West.

The BRICS countries first met as a group in 2006, and they have since held annual summits. The bloc has also established a number of working groups and initiatives to promote economic cooperation and development.

What Is BRICS

The BRICS countries have established a number of financial institutions, such as the New Development Bank and the BRICS Contingent Reserve Arrangement, to help promote economic growth and development. They have also worked together to reduce trade barriers and promote investment. The BRICS countries have pledged to reduce poverty and inequality. For example, the BRICS New Development Bank has a mandate to finance projects that promote inclusive growth.

The BRICS countries have also worked together to address climate change. For example, the BRICS countries have agreed to cooperate on renewable energy and energy efficiency.

BRICS is a relatively new forum, but it has already made significant progress in achieving its objectives. The group is likely to play a growing role in the global economy and politics in the years to come.

The objectives of BRICS are to:

• Promote economic growth and development
• Increase trade and investment
• Reduce poverty and inequality
• Strengthen financial stability
• Address climate change and other global challenges

BRICS works through a number of mechanisms, including:

• Annual summits of the heads of state or government
• Regular meetings of ministers and officials
• Working groups and task forces on specific issues
• A secretariat in Shanghai, China

Here are some of the key achievements of BRICS:

• The establishment of the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA).
• The reduction of trade barriers and the promotion of investment between BRICS countries.
• The pledge to reduce poverty and inequality.
• The cooperation on climate change and other global challenges.

The Expansion of BRICS

The decision to expand BRICS to 11 members was announced at the bloc's 14th summit in New Delhi in October 2023. The new members are all countries that are considered to be on the rise economically and politically. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates all have large populations and significant natural resources.

The expansion of BRICS is seen as a major coup for the bloc, as it gives it a much larger and more diverse membership. This could help BRICS to become a more influential player in the global economy and politics.

The Implications of the BRICS Expansion

The expansion of BRICS is likely to have a number of implications for the global order. First, it could challenge the dominance of the United States and other Western countries in the global economy. BRICS countries are increasingly becoming important players in the global economy, and their combined economic power is growing. The expansion of BRICS could give these countries a greater voice in international economic institutions and negotiations.

Second, the expansion of BRICS could lead to the development of new economic and political blocs. BRICS countries have a shared interest in promoting economic development and cooperation, and they have often worked together to counter the influence of the West. The expansion of BRICS could lead to the development of new initiatives to promote global economic growth and development.

Third, the expansion of BRICS could have a impact on the global security landscape. BRICS countries have a shared interest in promoting peace and stability, and they have often worked together to address regional security issues. The expansion of BRICS could give these countries a greater voice in international security discussions and negotiations.

Conclusion

The expansion of BRICS is a significant development that is likely to have a major impact on the global order. The bloc is now well-positioned to play a leading role in shaping the future of the world, and its expansion is likely to further accelerate this process.

The implications of the BRICS expansion are still being debated, but it is clear that this is a major development that will have a significant impact on the global order. It remains to be seen how the expansion of BRICS will play out, but it is sure to be a major topic of discussion in the years to come.