5 New Members In BRICS

Context

The BRICS regional grouping has decided to add five new full members.

About BRICS:

1. BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
2. The grouping was formalized during the first meeting of BRIC Foreign Ministers’ in 2006.
3. South Africa joined in December 2010 (BRICS).

About BRICS Expansion:

1. In August,2023 during the 15th BRICS Summit held in Johannesburg the existing BRICS grouping had taken a significant step by inviting six new countries to join from January 1, 2024.

• These new invitees are Iran, Saudi Arabia, and the United Arab Emirates (UAE) from West Asia; Egypt and Ethiopia from Africa; and Argentina from Latin America.

2. However, the new Argentinian President, Javier Milei announced that Argentina will not be a part of BRICS anymore.

Reasons for Expansion:

1. To counter China's strategic move for global influence.
2. Common goal and wider engagement with other nations.
3. Anti-western sentiment and Global South unity.

Implications of Expanding BRICS Membership:

1. Economic diversity: enhancing the group’s overall economic strength and resilience.

2.Global influence: more influential globally, especially in trade, investment, and international affairs.

3. Regional representation: better representation of the interests and perspectives of diverse countries.

4. Enhanced cooperation: more cooperation in technology, innovation, and sustainable development, improving economic and social progress for the group.

5.New opportunities: collaboration in areas like infrastructure, energy, and culture, benefiting all the countries involved.

Challenges Facing BRICS and solutions

Challenges	Description	Solutions
1.Economic Disparities	Internal economic disparities, income inequality, and development gaps.	Implement progressive taxation policies, promote inclusive economic development strategies and enhance social welfare programs and education.
2.Political Divergence	Differing political ideologies and priorities among BRICS nations challenge joint initiatives.	Emphasis on diplomatic and cultural exchanges to foster understanding.
3.Infrastructure Gaps	Inadequate infrastructure in some BRICS countries.	Invest in infrastructure development projects, focusing on key sectors like transportation, energy, and telecommunications.
4.Security Concerns	Security issues like terrorism and internal security concerns.	Strengthen regional security cooperation via joint initiatives and intelligence sharing. Promote dialogue and conflict resolution mechanisms.

Contribution of BRICS:

1. Economic Powerhouse: BRICS nations represent 40% of the world population and 25% of global GDP, playing a significant role in the world Economy.

2. Trade Growth: trade of more than $600 billion in 2022.

3. Geopolitical Influence: BRICS nations challenge traditional power structures and advocate a multi-polar world.

4. Infrastructure Development: The NDB, a joint effort by BRICS countries, funds vital infrastructure projects, promoting sustainable development.

5. Cultural Diplomacy: Cultural exchanges and connections between people strengthen understanding among BRICS nations.

5. Global Governance Reform: BRICS nations push for changes in global governance institutions like the UN, WTO etc.

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