BRICS, enlargement to 5 new member countries

The BRICS are expanding. The bloc of emerging world economies (Brazil, Russia, India, China, and South Africa), during the summit in Johannesburg last August, officially invited six new countries to join as full members starting from January 1, 2024. The invitation was extended to Saudi Arabia, Argentina, Egypt, the United Arab Emirates, Ethiopia, and Iran.

However, Argentina declined, expressing support for a pro-Atlantic international position during the presidential election campaign. With the Milei government in place, the Minister of Foreign Affairs, Diana Mondino, confirmed Argentina’s decision not to accept the invitation to join the BRICS bloc in a letter to Brazilian President Luiz Inacio Lula da Silva. The letter stated that certain decisions made by the previous administration (under former President Alberto Fernández) would be reviewed, including the creation of a specialized unit for the country’s entry into the BRICS. The invited countries must now meet specific conditions.

The announcement

The expansion was announced by South African President Cyril Ramaphosa in the final statement of the Johannesburg summit at the end of August. “The BRICS countries have agreed on admission criteria for the group and its expansion.” Satisfaction was expressed by all the new invitees. Brazilian President Lula added, “Another phase of further expansion will follow this initial one.” At least 40 other states, from Algeria and Indonesia to Kazakhstan, have formally requested to join the group. A coalition is taking shape that unites major powers and other developing nations, presenting an alternative to the West, led by the USA. This is a way to challenge the centrality of the dollar and the IMF. In all of this, the hypothetical launch of a single currency for these countries is considered distant from actual possibility.

Western concerns

The expansion concerns the West. The BRICS group is not a typical alliance or international organization. No treaty has been signed among the member countries. Until 2023, the group represents 42% of the world’s population and over a third of the global Gross Domestic Product (GDP). These numbers are expected to grow with the addition of the 5 new members. Despite many differences, the countries that make up the group are united by a political agenda that aims to be an anti-Western alternative and looks towards the Global South. Therefore, it aligns closely with China and Russia (and consequently against Taiwan and Ukraine in conflicts).