THE EXPANDED BRICS
India on Monday welcomed
- Egypt,
- Iran,
- Uae,
- Saudi Arabia and
- Ethiopia
Joining the BRICS as their representatives attended for the first time a key meeting of the grouping hosted by Russia.
BRICS EXPANSION
- The 2023 BRICS summit is the fifteenth annual BRICS summit, an international summit attended by the heads of state or heads of government of the five member states: Brazil, Russia, India, China, and South Africa.
- South African President Cyril Ramaphosa also invited the leaders of 67 countries to the summit, including 53 other African Countries, Bangladesh, Bolivia, Indonesia and Iran.
- As the Chair of BRICS, South Africa was focusing on the theme, ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism’.
THE PROPOSALS
- BRICS was considering expanding its membership, and a growing number of countries, mostly from the global South, have expressed interest in joining.
- Several countries including the United Arab Emirates, Saudi Arabia, Argentina, Iran, Egypt, Bahrain, Indonesia, And Kazakhstan have shown their willingness to join the BRICS.
- As per reports, more than 40 nations have indicated an interest in joining the bloc of major developing economies.
- Earlier in June, representatives from Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan attended a meeting in Cape Town for so-called “Friends of BRICS” Egypt, Argentina, Bangladesh, Guinea-Bissau, and Indonesia participated virtually.
WHO WERE THE NEW ENTRANTS?
There were six new entrants:
- Iran
- Saudi Arabia
- UAE
- Ethiopia
- Egypt
Their formal membership will begin in 2024.
WHY HAS ARGENTINA BACKED OUT?
Argentina has announced that it will not join the BRICS bloc of developing economies, fulfilling a campaign promise by newly elected far-right President Javier Milei who has pledged to pursue closer ties with the West.
In a letter dated December 22, Milei told the leaders of Brazil, Russia, India, China and South Africa that the timing for Argentina’s membership in the bloc was not opportune.
Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.”
THE NEED FOR EXPANSION
- An expansion of the BRICS bloc is under consideration since potential candidates – from Iran to Argentina – see one thing in common: a desire to level a global playing field. This is lacking because of the wealthy West’s domination of international bodies, such as the United Nations, the International Monetary Fund or the World Bank. The list of grievances is long. Abusive trade practices. Punishing sanctions regimes. Perceived neglect of the development needs of poorer nations.
- Amid widespread dissatisfaction with the prevailing world order, the pledge of BRICS nations – currently Brazil, Russia, India, China and South Africa – to make the grouping a leading champion of the “Global South” has, found resonance.
DID INDIA WANT EXPANSION?
India was initially apprehensive on expansion. But the PM has said we are ready to expand BRICS with CONSENSUS BASED APPROACH.
WHAT WERE INDIA’S APPREHENSIONS?
- India suggested that if BRICS need to expand, then it should consider emerging economies & democracies.
- Increasing China’s sphere of influence can be detrimental for India. Since China has gained prestige in West Asia after it brokered the Saudi Arabia-Iran peace deal earlier this year, it could be detrimental for India’s engagement.
- India believed that such an expansion could dilute BRICS’s fundamental objectives & weaken the established consensus among its 5 members.
BENEFITS OF EXPANSION
- Increased Economic Cooperation
- The BRICS countries are trying to reduce their reliance on the US dollar. This could give them more control over their own economies and reduce their vulnerability to US economic policies.
- Increased influence in the Global Economy.
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