The coalition should soon grow as the 15th BRICS summit draws near, with the arrival of numerous African nations in particular.
The BRICS, which consists of Brazil, Russia, India, China, and South Africa, are the current major emerging powers and will contribute 31.5% of the global GDP in 2023 compared to the G7’s 30.7%.
The next BRICS summit, scheduled for June 2 and 3, 2023 in Cape Town, South Africa, will center on the discussions surrounding the thirteen countries that have officially submitted applications to join the group of emerging economies, according to Anil Sookal, the South African ambassador to the BRICS, who confirmed this in an interview on April 24.
Currently, only a small number of African nations who are interested in joining the BRICS have been named, including Algeria, Egypt, Nigeria (which is already a member of the BRICS-MNA), Sudan, and Zimbabwe. The purpose of this expansion is to emphasize the significance of the economic alliance on the global stage.
A Powerful Economic Rival
To undermine the current global financial system put in place after the Second World War by the Bretton Woods agreements, the BRICS founded its own development bank in 2014.
Since several years ago, the economic powerhouse has pushed for a bigger role in international organisations and the shift to a multipolar system. Despite having 3.2 billion people and a combined economy that accounts for almost 31.5% of the world’s GDP, this group only holds 15% of the voting rights at the World Bank and the International Monetary Fund.
However, the possible influx of new members combined with the new demands might unquestionably alter the nature of the global economy.
As a result, the idea of a BRICS+ generates concerns among the member countries about the diluting of their influence, particularly with regard to China’s friends. China has a GDP that is twice as large as the combined GDP of the other four BRICS countries, generating concerns about Beijing’s potential domination within the group.