BRICS Grows
BRICS has expanded with new members in 2024, as the bloc positions itself as an alternative to Western-dominated international institutions and discusses reducing dependence on the US dollar.
The expansion marks a significant moment in global economic governance.
New Members
The 2024 expansion:
Countries Joining
| Country | Region | Significance |
|---|---|---|
| Egypt | Middle East/Africa | Strategic location |
| Ethiopia | Africa | Population, growth |
| Iran | Middle East | Energy, geopolitics |
| Saudi Arabia | Middle East | Energy superpower |
| UAE | Middle East | Trade, finance hub |
Status
Some members fully joined; others in various stages.
Original Members
The founding nations:
BRICS Core
| Country | Role |
|---|---|
| Brazil | Regional power |
| Russia | Energy, military |
| India | Demographics, growth |
| China | Economic engine |
| South Africa | African gateway |
Economic Weight
The bloc's significance:
Key Statistics
| Metric | Share |
|---|---|
| Global GDP | ~35%+ |
| World population | ~45%+ |
| Oil production | Significant majority |
| Trade | Growing share |
De-dollarization
Currency discussions:
Initiatives
| Proposal | Status |
|---|---|
| Local currency trade | Increasing |
| Common currency | Long-term discussion |
| SWIFT alternatives | Explored |
| Payment systems | Being developed |
Challenges
- Economic diversity
- Political alignment
- Technical complexity
- Dollar dominance deep-rooted
Geopolitical Positioning
The bloc's stance:
Key Positions
| Issue | BRICS View |
|---|---|
| UN reform | Security Council expansion |
| Western sanctions | Generally oppose |
| Global South | Champion voice |
| Multipolarity | Central goal |
India-China Dynamics
Internal tensions:
Border Relationship
| Factor | Status |
|---|---|
| LAC tensions | Ongoing (improving) |
| Trade | Imbalanced |
| Competition | Regional, global |
| Cooperation | BRICS framework |
Russia's Role
Post-Ukraine context:
Russia in BRICS
- Sanctions circumvention
- Alternative markets
- Diplomatic support
- Energy relationships
- Reduced isolation
Western Response
US and allies' position:
Reaction
| Actor | Response |
|---|---|
| US | Monitoring, competitive measures |
| EU | Engagement strategy |
| G7 | Coordination |
| IMF/World Bank | Reform discussions |
Summit Outcomes
2024 gathering:
Key Agreements
- Expansion formalized
- Trade mechanisms enhanced
- Development bank activities
- Cultural exchanges
- Future summit planning
Challenges
The bloc faces obstacles:
Internal Issues
| Challenge | Nature |
|---|---|
| Cohesion | Diverse interests |
| Institutions | Development needed |
| Implementation | Slow progress |
| Conflicts | Some members at odds |
Looking Ahead
BRICS future:
2025 Expectations
- New membership interest
- Currency discussions continue
- Trade mechanism development
- Summit in South Africa
- Institutional strengthening
The BRICS expansion signals growing interest in alternatives to Western-led global governance, though significant challenges to cohesion and implementation remain.
