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.