Sidra Tahir
The group of emerging economies known as BRICS makes up more than 40% of the world’s population and a quarter of the global economy. It aims to challenge a global order that appears to be dominated by the US and its Western allies. But what exactly is BRICS, who wants in, and why? The emerging economies of Brazil, Russia, India, and China were ascribed the acronym BRIC, in 2001 by a Chief Economist at Goldman Sachs. In 2009, the group was established as an unofficial Club. Russia was the one to start it. The next year, South Africa joined, adding an “S” to the abbreviation. In terms of both population and economic clout, it became the smallest member. Dozens of nations from all political spheres seek to be a part of this influential club known as BRICS. According to this year’s chair over 40 countries have reportedly shown interest in joining. Iran has stated that it expects the club to establish a new feasible application process. Brazil and Russia support Saudi Arabia, while Argentina claims that China backs it. Bolivia has sought to join. It has switched to the Chinese Yuan in July, claiming that it intends to reduce its reliance on the US dollar for international commerce. This action fits exactly with BRICS’s declared agenda. Algeria says it has submitted an application to join and become a shareholder in the New Development Bank. Despite, all this the present members are still divided on expansion. In its ongoing dispute with the US over trade and geopolitics, China wants the organisation to grow. Brazil is a bit sceptical and India is undecided, but South Africa and Russia, which want an end to their diplomatic isolation as a result of the conflict in the Ukraine, are both eager to see the group expand. Unlike the UN or World Bank, BRICS is not a formal multinational organisation. Each country rotates through a one-year leadership of the group. The bloc functions by consensus, and its leaders typically meet once a year. The organisation is responsible for around a fifth of global commerce and close to a quarter of the world’s GDP. Apart from geopolitics, the organisation’s focus areas include economic cooperation, boosting global commerce, and development. How to increase the influence of the so-called Global South in multilateral institutions like the UN is one of the most important challenges. BRICS countries only have 15% of the voting rights at the IMF and the World Bank while making up 42% of the global population. According to the IMF, the growth rates of these countries will soon surpass those of the G-7. BRICS wants to be heard more. And for that reason, it is said that meetings in the upcoming years will be crucial for the future of the BRICS in a multipolar world.