BRICS Enacts Enlargement

As per the outcome of the last 15th BRICS Summit (#BRICS2023) in Johannesburg, #BRICS officially welcomed new member states as from the 1st of January 2024. Of the six new members ‘invited’, Argentina declined at the last-minute, arguing that ‘it is not opportune for Argentine to integrate BRICS as a full member.’

In another twist, Russia is taking over the rotating Chairmanship of the #BRICS, whereas Brazil was initially tapped on the shoulder. At the start of the new year, #BRICS thus admitted Egypt, Ethiopia, Iran, Saudi Arabia and United Arab Emirates to bring its membership to ten countries.

“The expansion of BRICS is a strong indication of the growing authority of the association and its role in international affairs.”

Russian President and BRICS Chair 2024 Vladimir Putin

The expanded #BRICS now accounts for 30% of the global #GDP, 18% of global trade and nearly 45% of the world population. In comparison, the #G7 — which regroups the world most advanced countries known as the #GlobalNorth — accounts for 40% of global GDP and 10% of the world population, but enjoys some of the highest GDP per capita country wise.

GDP of BRICS+ vs G7 (Source: IMF Sep 2023 when Argentina was still in)

During its chairmanship, Russia will focus on “Strengthening Multilateralism for Equitable Global Development and Security.” Russia is planning over 200 meetings at different levels to address various topics during the year and will invite representatives of current and prospective member states to attend.

Some of the key themes include #EnergySecurity, #FoodSecurity and #Dedollarization. The BRICS+ is now positioning itself to be an organization representing the #GlobalSouth. The preparatory meetings will culminate with the BRICS Summit in Kazan scheduled for October 2024.