Agenda | Aug 04,2024
Aug 24 , 2023
BRICS, the coalition of five major emerging economies, has broadened its footprint, ushering in six new members, including Ethiopia. Argentina, Egypt, Iran, Saudi Arabia and the UAE have been added to the group, signalling a response to shifting economic and geopolitical dynamics in the world.
Amplifying its capacity to present a credible alternative to the Western-led liberal order, the group announced in Johannesburg today, where leaders of all the member states except Russia congregated. Chinese President, Xi Jinping, dubbed the expansion "a new starting point for BRICS cooperation." He voiced optimism over the future, anticipating the latest entrants to "enhance the cooperative mechanism" and amplify global peace and development.
The extended alliance is viewed as underscoring BRICS's potential to shape global financial and economic policies. Historically perceived as an embodiment of emerging markets with rapid economic growth, BRICS is expected to wield more significant influence in global forums, given its growing economic clout with its members - Brazil, Russia, India, China and South Africa.
Many see the economic cooperation coming from its expansion as holding promises. Argentina, traditionally known for its robust agricultural sector, and the oil-rich economies of Saudi Arabia and the UAE, can provide trading avenues for member countries.
However, incorporating countries such as Iran hints at realignments on the geopolitical stage. With Iran and Saudi Arabia under the same economic umbrella, the stage might be set for heightened diplomatic engagements.
The addition of African countries, Ethiopia and Egypt, to BRICS also directs a spotlight on Africa, signalling potential investments and focus on growth.
However, Russia's conspicuous absence from the summit in Johannesburg raises eyebrows. While the reasons remain undisclosed, internal dynamics and possible disagreements within BRICS cannot be ruled out, forecasting intriguing developments in the months ahead.
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