BRICS Group Expands Membership, Signaling Geopolitical Shift

The BRICS group, an international alliance originally comprised of Brazil, Russia, India, China, and South Africa, has expanded its membership, marking a significant shift in the geopolitical landscape. The five new members inducted into the group are Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia. The announcement was made during the 15th BRICS summit held in Johannesburg, South Africa, in August 2023.

A Shift in the Global Order

The inclusion of these countries is expected to bolster the BRICS group’s influence on the global stage. The addition brings the combined population of the BRICS nations to approximately 3.5 billion people, and their combined economy amounts to over $28.5 trillion, accounting for around 28% of the world’s total economy. This expansion signifies a potential shift in the geopolitical landscape, but there’s uncertainty among analysts regarding whether the group’s power will be strengthened or weakened due to internal differences.

Reducing Dependence on the US Dollar

One of the key objectives for the expanded BRICS is to reduce dependence on the US dollar. There have been discussions about the potential for a common currency for trade and investment among member nations. This could have significant implications for global financial dynamics and might challenge the current economic order dominated by the West.

Russia Leads the Expanded BRICS

Russia assumed the BRICS presidency from South Africa in 2023 and will chair the group for a year with a focus on ‘Strengthening Multilateralism for Equitable Global Development and Security’. Russian President Vladimir Putin has expressed his commitment to enhancing BRICS’ role in the international financial system and smoothly integrating the new members into the group’s activities. The next annual BRICS summit is set to be hosted in Kazan, Russia, in October.

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Source: bnnbreaking.com