36 Countries Apply to Join BRICS Alliance in 2024: A Global Economic Shift?
The BRICS alliance is experiencing unprecedented interest, with reports indicating that a staggering 36 countries have applied to join in 2024. This surge of interest signals a potential seismic shift in the global economic landscape, with developing nations increasingly looking to BRICS as an alternative to traditional Western-dominated institutions.
BRICS Expansion: A Growing Powerhouse
The original member states of BRICS, an international organization of world economies, consisted of Brazil, Russia, India, and China. South Africa formally joined the bloc later and solidified its place at the 3rd BRICS summit. The organization expanded again with Egypt, Ethiopia, Iran, and the United Arab Emirates attending the 16th BRICS summit as official members. Indonesia is expected to join soon.
Why the Rush to Join BRICS?
Nearly three dozen countries are seeking entry into the China and Russia-backed BRICS economic group. This interest stems from a desire for greater economic cooperation and a more multipolar world. Many more countries have sought to join the BRICS orbit since the expansion.
Future Expansion: Who's Next?
That being said, the BRICS alliance is likely to invite 5-8 nations to join the collective at the summit. While the exact list remains uncertain, the overwhelming number of applications highlights the growing influence of BRICS on the global stage. Late last year, India’s officials disclosed the bloc’s agreement on key expansion criteria.
Challenges and Considerations
Not all nations are on board with every BRICS decision. Argentina declined an invitation to join, illustrating the complexities involved in navigating international relations and aligning with the BRICS agenda.
The Impact of BRICS Expansion
The imminent influx of new countries into the BRICS alliance could significantly reshape global trade, investment, and political power dynamics. The addition of countries like Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE), who were invited to become members signals a move to diversify resource and energy markets. A Saudi Arabian government representative has welcomed the developments. The expansion reinforces the idea of the BRICS countries as a force for change in the world economic order.