Why is it in the news?

  • BRICS expanded its membership to include five new nations: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.


·       Original BRICS Members: Brazil; Russia; India; China; South Africa.

·       Argentina decided to withdraw from its planned entry to BRICS.

·       The last expansion of BRICS occurred in 2010 when South Africa joined the group.


Significance of Expansion

  • The inclusion of new members increases multipolarity, challenging the established Western-led order and promoting a more balanced global power structure.
  • Expansion fosters South-South cooperation among developing countries, encouraging collaboration and shared interests among nations with similar developmental goals.
  • India benefits by advancing its claim as the leader of the global south, showcasing its influence in the international arena.
  • The expanded BRICS group is better positioned to assert a collective voice in advocating for the restructuring of global institutions to better represent the interests of emerging economies.
  • The inclusion of oil-producing countries, such as Saudi Arabia and the United Arab Emirates, contributes to an increase in oil production among BRICS members, potentially impacting global energy dynamics.


Challenges with BRICS

·       The BRICS countries exhibit divergence in their world views. For instance, India perceives BRICS as non-Western, emphasizing cooperation, while China may see it as anti-Western, signalling a more confrontational stance.

·       Economic and political sanctions on certain BRICS members may cause disruptions in trade and economic activities, affecting the overall stability of the group.

·       There is an internal trust deficit among member states, and a lack of common understanding of standards, criteria, and procedures for expansion may hinder smooth collaboration.

·       Overlapping memberships with other groups, such as IBSA (India, Brazil, and South Africa), may lead to complexities and potential conflicts of interest.

Get free UPSC Updates straight to your inbox!

Get Updates on New Notification about APPSC, TSPSC and UPSC

Get Current Affairs Updates Directly into your Inbox

Discover more from AMIGOS IAS

Subscribe now to keep reading and get access to the full archive.

Continue reading