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What is BRICS, which countries joined it and why?

Brazil, Russia, India, China, and South Africa (BRICS) are large emerging economies that decided to work together in 2009 to try to boost

By Ground report 25 Aug 2023

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What is BRICS, which countries want to join and why?

Brazil, Russia, India, China, and South Africa (BRICS) are large emerging economies that decided to work together in 2009 to try to boost their productive sectors and bring well-being to their respective populations.

Currently, the BRICS represent 23% of world GDP, 42% of the population, and more than 16% of global trade.

What are the BRICS?

In 2001, Jim O'Neill of Goldman Sachs coined the acronym BRIC to identify the growth potential of Brazil, Russia, India, and China. South Africa was not included then, but the focus remained on the four countries.

The BRICS group is a collection of five major countries: Brazil, Russia, India, China, and South Africa. These countries work together on economic matters. They became known as the BRICS because of the first letter of each country's name. The BRICS group united due to their large economies and populations and a shared desire for increased global influence. They help each other by trading, sharing ideas, and working on important global issues.

Who wants to be in the BRICS?

More than 20 countries have already submitted a formal demand to join the bloc, including Algeria, Argentina, Bangladesh, Cuba, Egypt, Ethiopia, Iran, Saudi Arabia, and Vietnam.

The South African government has been working this year on a list of "guidelines" for the entry of new members.

Taking into account the geographical, economic, and political diversity of applicants, "it is difficult to see what the criteria for a possible expansion could be," John Stremlau, an international relations specialist at the University of the Witwatersrand in Johannesburg, told the agency.

Which countries want to join BRICS and why?

According to South Africa, the chair of the 2023 summit, more than 40 countries, such as Iran, Saudi Arabia, the United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, the Democratic Republic of the Congo, the Comoros, Gabon, and Kazakhstan, have expressed their interest in participating in the forum.

They see BRICS as an alternative to Western-controlled international organizations and expect several benefits from joining, including access to funds, better trade opportunities, and increased investment prospects.

The COVID-19 pandemic further intensified the dissatisfaction among developing nations with the global order, as life-saving vaccines were monopolized by wealthy countries.

Iran, which possesses approximately 25% of the oil reserves in the Middle East, has expressed its desire to promptly determine the process for new membership.

Saudi Arabia, a prominent player in the oil industry, was one of the many countries that actively engaged in the "Friends of BRICS" discussions held in Cape Town this past June. Notably, both Russia and Brazil have shown support for Saudi Arabia's potential membership within the BRICS alliance.

In July 2022, Argentina announced that it had obtained formal support from China for its membership bid to join the group.

Ethiopia, renowned as one of Africa's fastest-growing economies, expressed its intent to join the bloc in June. A spokesperson from the country's foreign ministry affirmed that Ethiopia remains committed to collaborating with international institutions that safeguard its interests.

Bolivia's President Luis Arce plans to attend the BRICS summit, expressing interest in membership. The government aims to reduce reliance on the U.S. dollar for foreign trade by using the Chinese yuan, aligning with the BRICS' goal.

Algeria sought BRICS membership and is applying to become a shareholder in the BRICS Bank to diversify its economy and strengthen partnerships with China and other countries.

Why Was BRICS Created?

At the start of the 2000s, an important person from Goldman Sachs, Jim O'Neil, said that Brazil, Russia, India, and China could become strong economies by 2050, like a powerful team. He used the word "BRIC" for these countries. Later, South Africa joined, and it became "BRICS."

China is the biggest economy among them, India is growing too, and Russia and Brazil are also important. They work together. China sells a lot, and Russia gives energy. India sells resources and food, Brazil is known for food, and South Africa provides metals.

Together, they are a strong group in the world, helping each other and growing.

What Is BRICS' Main Goal?

BRICS primarily aims to promote cooperation, development, and influence in international affairs by focusing on various key areas. These include fostering economic collaboration, promoting development financing, coordinating political efforts, facilitating social and cultural exchanges, encouraging technology and innovation, advancing sustainable development, and ensuring peace and security.