BRICS expansion: Half the world joins economic powerhouse
Nine countries are set to join the BRICS bloc, which was established in June 2009 at a summit in Yekaterinburg, Russia. The group's official aims include creating a new currency system and reforming the United Nations. In 2020, the GDP of BRICS countries surpassed the economic growth of the G7 nations.
BRICS currently comprises nine member countries: Brazil, Russia, China, South Africa, India, Iran, Egypt, Ethiopia, and the United Arab Emirates, alongside partner countries. On 1st January 2025, the bloc will expand to include nine more nations. The new partners will be Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
This expansion means that BRICS countries will represent 41 per cent of the global economy and be home to half of the world's population.
Russia dreams of a common currency for the BRICS developing nations. Yury Ushakov, an advisor to Vladimir Putin, argued this spring that the bloc aims to create an independent payment system based on digital currencies and blockchain technology.
New BRICS members. Argentina withdrew at the last minute
Argentina was among the countries expected to join the bloc, but the country's new president, Javier Milei, withdrew the decision at the last moment. He stated that "he does not currently consider Argentina's accession to BRICS appropriate." Earlier this year, there were reports that Saudi Arabia had joined the bloc; however, this information was quickly corrected.
The bloc has expanded twice. In 2011, South Africa joined which is when BRICS was de facto created ("S" comes from the English name of South Africa). In 2024, the organisation admitted Ethiopia, Egypt, Iran, and the United Arab Emirates.
The acronym BRIC (with the "S" added later, as mentioned earlier) was coined by British economist Terence James O'Neill, who published an article in 2001 about the emerging economies of developing countries, namely Brazil, Russia, India, and China. The name gained popularity two years later. Studies published at the time suggested that by the mid-21st century, the countries of this bloc would become global economic powers.
What does BRICS membership offer?
As a partner country, there is a guaranteed presence in special sessions of the bloc's summits and meetings of foreign ministers. Partners may also be invited to other ministerial-level events, such as those related to trade, national security meetings, and parliamentary forums. They can also enhance BRICS's influence in international matters.
Since 2009, meetings of BRICS leaders have been held annually. Regular meetings of the heads of various departments of associated countries - economy, foreign affairs, etc. - are also organised.
