BRICS: New Members

"BRICS welcome new members: A shift in global power dynamics"

Unveiling the powerhouse: How additional members could transform BRICS into a traditional force

Introduction:

• In the realm of global geopolitics, where economic prowess and political influence intertwine, an alliance known as BRICS has been making waves. 
• The acronym, standing for Brazil, Russia, India, China, and South Africa, represents a dynamic group of emerging economies that have, over the years, managed to reshape the international landscape.
•  With a shared vision of fostering cooperation, driving economic growth, and amplifying their collective voice on the world stage, BRICS has proven itself as a formidable force.
• Each member brought its unique strengths to the table, from the economic prowess of China to the technological innovation of India, and the natural resource wealth of Brazil and Russia to the vibrant diversity of South Africa. 
• As the world experiences constant shifts in power dynamics and economic realities, the expansion of BRICS has emerged as a topic of great interest. 
• The addition of a new member to this coalition signifies more than just numerical growth; it underlines the enduring importance of unity among nations that are on the path of development and progress. 
• In this era of interconnectivity and interdependence, the idea of coming together to forge a stronger collective identity has never been more crucial.

In the following section, we'll delve into the objectives that have fueled the formation of BRICS, explore the recent expansion that has caught global attention, and illuminate the significance of this unity among emerging economies. Join us on this journey as we unravel the narrative of how BRICS is not merely an alliance, but a beacon of cooperation and collaboration in an ever-evolving world.

Section 1: Understanding BRICS and Its Objectives

Formation and Core Goals: A Pact of Progress

1.  Formation / Historical Background:

• The formation of BRICS, a consortium comprising Brazil, Russia, India, China, and South Africa, wasn't merely a convergence of nations; it was a strategic union built upon common aspirations and shared challenges. 
• United by the understanding that their combined potential far outweighed their individual capacities, BRICS was born as a platform for mutual growth and global influence.
• when the concept of emerging economies gaining prominence on the global stage gained traction. The term "BRIC" was initially coined by economist Jim O'Neill in 2001 to refer to four major developing economies: Brazil, Russia, India, and China. These countries were identified as having the potential to reshape the global economic landscape due to their substantial populations, significant natural resources, and impressive growth rates.
• The first formal mention of BRIC occurred in a report by Goldman Sachs in 2003, titled "Dreaming with BRICs: The Path to 2050," which projected that these four economies could become some of the world's largest by the year 2050. The report emphasized their potential impact on global trade, investment, and political dynamics.
• The initial discussions among the BRIC countries were informal and often focused on economic matters. However, in 2006, the first official meeting of BRIC foreign ministers took place on the sidelines of the United Nations General Assembly. This marked the beginning of a more structured dialogue among the member countries.
• The first BRIC summit was held in Yekaterinburg, Russia, in 2009. This summit formalized the BRIC grouping, highlighting the common interests of the member countries in reforming global financial institutions, such as the International Monetary Fund (IMF) and the World Bank, to better represent the interests of emerging economies.
• In 2011, South Africa joined the group, expanding it from BRIC to BRICS. The inclusion of South Africa was seen as a step towards greater representation of the African continent within the emerging economies' dialogue.
• At present in 2023 six more countries are once again qualified to be members of BRICS namely Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

2.  Objective:

•  To foster cooperation among member nations in a multitude of fields, from trade and investment to science and culture.
•  It embodies a vision of shared progress and a commitment to uplifting the lives of its citizens.
• Cooperation, Growth, Influence: BRICS' Multifaceted Mandate
•  economic growth and development within its member states.
• By facilitating trade agreements, investment opportunities, and technology transfers, the alliance aims to unlock the potential of its diverse economies. 
• TBRICS seeks to mitigate the impact of global financial fluctuations and contribute to sustainable growth on a global scale.
• These nations recognized that by standing united, they could amplify their individual voices on international platforms.
•  address matters of regional conflicts, climate change, or global governance reform, BRICS aims to assert its collective presence in shaping policies and decisions that affect the world at large.

3.  BRICS on the Global Stage:

• Average Population Coverage: Approximately 11.4% of the world's population
• Average Area Coverage: Around 21.7% of the world's land area
• Average Economy (GDP) Coverage: Approximately 26.3% of the world's total GDP