BRICS is now a non-Western grouping
Context
The BRICS grouping has solidified its status as a global force to be reckoned with by quickly increasing from five to eleven members. In addition, the selection of nations, including Ethiopia and Argentina from Africa and South America in addition to Egypt, Iran, Saudi Arabia, and the UAE from the West Asian region, is significant because it signals a change in the foundations of the non-western economic grouping, making it a more politically relevant bloc.
What is the BRICS?
BRICS is a grouping of five major emerging economies: Brazil, Russia, India, China, and South Africa Jim O’Neill, a Goldman Sachs economist, first used the term “BRIC” in 2001 to refer to these four rapidly expanding economies that were expected to have a big impact on the world economy. After South Africa received an invitation to join in 2010, the acronym was changed to BRICS to reflect the inclusion of the other four nations.
Which members were added to the BRICS Grouping?
- Iran, Saudi Arabia, Egypt, Argentina, the United Arab Emirates, and Ethiopia will join the group’s current five members, Brazil, Russia, India, China, and South Africa, at the start of the next year.
What are the advantages of BRICS adding more members?
- Increased Global influence: Expanding the BRICS organization by accepting new members will increase its global power as additional countries band together to promote shared interests and concerns on the world stage.
- Diversification of Perspectives: Including nations from various regions, such as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, would enrich debates and policy decisions by bringing a variety of perspectives, experiences, and knowledge to the group.
- Economic Growth and Development: The inclusion of new countries has the potential to expand trade, investment, and economic cooperation between existing BRICS members and the newly included nations.
- Broader Geopolitical Reach: A larger BRICS organization would have a broader geopolitical reach, enabling it to address a wider variety of international issues and possibilities and possibly serve as a counterbalance to the influence of other powerful nations.
- Enhanced Diplomatic Relations: Including nations like Iran and Saudi Arabia in the same grouping may offer a forum for diplomatic collaboration and discussion, which may promote peace and conflict resolution.
- Collective Bargaining Power: The BRICS may have more negotiating leverage if it were to grow, allowing its members to better defend their interests and advance their common objectives.
- Expanded Pool of Resources: By including more BRICS nations, the pool of resources, knowledge, and creative ideas might be increased and then used for collaborative projects and initiatives.
What advantages does India have by this increase in grouping?
- Increased Diplomatic Influence: Since the majority of the new members are India’s strategic allies, the expansion may increase India’s diplomatic influence and fortify its web of international ties.
- Enhanced Economic Opportunities: By including new nations, India may have access to new markets for trade, funding, and economic collaboration, which might boost economic growth and diversity.
- Leveraging Regional Ties: By including nations from India’s near neighbourhood (such as Iran and Saudi Arabia), India might increase the influence of its neighbours and promote peace and cooperation in West Asia and South Asia.
- Support for UN changes: If the BRICS group were to be enlarged to include other poor countries, India might receive more backing for its campaign for UN changes, especially its efforts to win a permanent seat on the UN Security Council.
- Promotion of South-South collaboration: The growth may strengthen South-South collaboration, in which developing nations collaborate to tackle shared issues and advance shared development.
- Security Platform for Energy: Incorporating energy-rich nations like Saudi Arabia and the UAE might improve the group’s energy partnerships, hence improving India’s energy security.
