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BRICS

By Amigos IAS

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.

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