“BRICS New Member Countries 2023: A Shocking Game Changer in Geopolitics”

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BRICS New Member Countries 2023
(Image Source- Wikipedia) BRICS New Member Countries 2023

BRICS New Member Countries 2023

On August 24th, headlines were ablaze as the 15th BRICS Summit unfolded in Johannesburg, South Africa, and brought forth a groundbreaking decision – the group decided to double its membership.

Which country recently joined BRICS?

South African President Cyril Ramaphosa announced that six countries, namely Egypt, Iran, Saudi Arabia, the United Arab Emirates, Ethiopia, and Argentina, would join the group by January 1, 2024.

Why This News Matters

This development is poised to have a profound impact on global geopolitics. BRICS is often regarded as the voice of the Global South, and it will be fascinating to observe how it shapes the interests of the major Global South players. Furthermore, BRICS is crucial in the evolving global order. Following the Cold War and the demise of the Unipolar World theory, the Multipolar World emerged – often termed as the “Rise of the Rest.” This era witnessed the ascent of Third World Nations, and BRICS expansion is set to play a significant role in fortifying this multipolar world order.

BRICS Formation

Initially, it was BRIC, comprising Brazil, Russia, India, and China as its members. The first BRIC summit convened in Yekaterinburg, Russia, on June 16, 2009. South Africa joined the group in 2010, completing the transformation into BRICS.

BRICS Importance

BRICS stands as a pivotal grouping of some of the world’s major economies, wielding substantial influence over global trade. Russia, China, and India are often considered the driving forces behind BRICS. China’s ascent as a new superpower is undeniable, and India is making significant strides in surpassing other major global economies. Russia’s significance in the group cannot be overlooked. Currently, BRICS represents 41% of the world’s population, accounts for approximately 25% of global GDP, and possesses over a 16% share in world trade. These statistics alone underscore why BRICS’ expansion will reverberate throughout global geopolitics.

BRICS Expansion Significance

The inclusion of these six new countries in BRICS will significantly augment the group’s power. The new members themselves hold substantial importance. Argentina, with its vast natural resources, Ethiopia as Africa’s second most populous country, and Saudi Arabia, the largest economy in the Arab world, will elevate BRICS to new heights. Additionally, BRICS will now have some of the world’s largest oil suppliers within its ranks, amplifying its significance in the energy sector.

BRICS Challenges

BRICS is increasingly emerging as an anti-Western group, particularly in the eyes of China. It is evolving into a rival to the G7 bloc. With the expansion of BRICS, countering this group becomes a more daunting task for the West. India, while welcoming the new members, is also cautious about China’s growing influence within the group. China’s substantial investments in African countries pose challenges not only to India but also to the rest of the world. BRICS has announced various initiatives, such as the New Development Bank, the BRICS payment system, and the BRICS Contingent Reserve Arrangement, further cementing its role on the global stage.

Article Credit: Skywalker

Read More: Brics new member countries 2023

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