Getty Images The group of emerging countries formed by Brazil, Russia, India, China and South Africa approved the invitation made to six new nations to join the bloc: Saudi Arabia, Argentina, Egypt, United Arab Emirates, Ethiopia and Iran.
But what is the interest of each of these countries in participating in BRICS? And what do the old members gain with the arrival of the new nations?
Waiting list
In total, 23 countries requested to join the group, such as Bangladesh, Morocco, Belarus, Kazakhstan, Honduras, Cuba and Nigeria. However, some will have to wait. To join the bloc, it is necessary to formalize the membership request. One of the members has to invite the interested country to join, and the others must approve this entry. Only the six mentioned countries had their participation approved and are expected to join the group in 2024.
Even though economic interests are the priority, the new formation of BRICS received a lot of criticism due to the entry of autocratic countries. Of the 11 nations that now form the bloc, five (Saudi Arabia, United Arab Emirates, Iran, Egypt and China) are considered autocracies — a political regime in which the ruler holds the power — and have already been accused of serious human rights violations.
Sources: Estadão, IPEA, CNN, BBC and G1.
A word from the creator
“I’m almost at the point of saying that BRICS is over,” said Jim O’Neill, economist and creator of the term BRIC, in an interview to the newspaper O Estado de S. Paulo. For him, the new formation will make consensus difficult and will not bring benefits to the group.
How BRICS came about
The term BRIC (which has the same pronunciation as brick in English) was coined in 2001 by O’Neill, when he was chief economist at Goldman Sachs bank. In a study, he listed four emerging countries that could lead global economic growth. The group was named using the initials of each country, Brazil, Russia, India and China. Years later, in 2006, the bloc was actually created. In 2010, South Africa joined the group, and the S for South Africa was added.
Will the name change now? The current members guarantee that this will not be the case. “The child has already been registered,” President Lula told the newspaper O Estado de S. Paulo.
SAUDI ARABIA – increases its chances of positioning itself as a rival of the financial order led by the United States.
ARGENTINA – going through a serious crisis, the country can increase the buyer market for its products. It is strategic to the group due to its lithium mines, used in the production of batteries.
EGYPT – is already a part of the BRICS bank and wants to reduce dependence on the dollar and straighten its ties with China.
UNITED ARAB EMIRATES – is already part of the BRICS bank. Its participation should increase the consumer market of the country’s oil production.
ETHIOPIA – entered following the request from South Africa which wanted another Sub-Saharan country in the bloc.
IRAN – is interested in expanding its market and reducing commercial sanctions. It believes the group can be a new multipolar order.
BRAZIL – was unsure about increasing the size of the group, but was convinced by China, which promised support towards Brazil joining the United Nations Security Council.
INDIA – country which has been registering the greatest economic growth over the last few years. Like other member countries, it should gain more visibility with the expansion of the bloc.
SOUTH AFRICA – hopes to increase commerce and receive more investment from member countries.
CHINA – the country with the most interest in expansion of the bloc, as it wishes to expand its global economic influence.
RUSSIA – sees in the expansion of the bloc a way of reducing the isolation it is suffering due to the war in Ukraine.
