What is BRICS, which countries want to join and why?

JOHANNESBURG, Aug 21 (Reuters) – The BRICS Group, comprising the major emerging economies of Brazil, Russia, India, China and South Africa, will host its 15th annual Heads of State and Government Summit in Johannesburg from 22-24 August. to be held.

Here are some important facts about the block and its members.

What are Bricks?

The BRIC acronym did not initially include South Africa, but a 2001 study by then-Chief Economist at Goldman Sachs Jim O’Neill highlighted the growth potential of Brazil, Russia, India and China. I coined it in my thesis.

The bloc was established as an unofficial club in 2009 with the aim of providing members with a platform to challenge the world order dominated by the United States and its Western allies.

Its creation was initiated by Russia.

This group is not a formal multilateral organization like the United Nations, the World Bank or the Organization of the Petroleum Exporting Countries (OPEC).

The heads of state and governments of member countries meet annually, with each country taking turns chairing the group for one year.

who are the members?

Brazil, Russia, India and China are founding members.

South Africa, the smallest member in terms of economic clout and population, was the first beneficiary of the 2010 bloc expansion when this group became known as the BRICS.

Together, these countries account for over 40% of the world’s population and a quarter of the world’s economy.

Apart from geopolitics, the focus of this group includes increasing economic cooperation and multilateral trade and development.

Blocks operate on consensus. All BRICS countries are part of the Group of 20 Major Economies (G20).

Which countries would like to join BRICS and why?

According to 2023, more than 40 countries have expressed interest in participating in the Forum, including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of the Congo, Comoros, Gabon and Kazakhstan. have expressed. The chair country of the summit is South Africa.

They see the BRICS as an alternative to the international institutions seen as traditionally dominated by Western powers, and hope that membership will bring benefits such as development finance and increased trade and investment. there is

The developing world’s frustration with the world order was exacerbated by the COVID-19 pandemic, in which life-saving vaccines were hoarded by wealthy nations.

Iran, which holds about a quarter of the Middle East’s oil reserves, said it hoped a new membership mechanism would be decided “as soon as possible”.

Oil giant Saudi Arabia was among a dozen countries that participated in June’s “Friends of the BRICS” talks in Cape Town. BRICS membership has also received support from Russia and Brazil.

Argentina announced in July 2022 that it had received official support from China to join the group.

Ethiopia, one of Africa’s fastest growing economies, announced in June that it had asked to join the bloc, and a foreign ministry spokesman said the country will continue to work with international organizations that can protect its interests. Stated.

Bolivian President Luis Arce has expressed interest in joining the BRICS and will attend the summit. In July, the Chinese government announced its determination to curtail its reliance on the US dollar in foreign trade and switch to the Chinese yuan instead, in line with the goal of reducing its reliance on the US currency announced by BRICS leaders.

Algeria announced in July that it had applied for BRICS membership and to become a shareholder of a new development bank, the so-called BRICS Bank. The North African country is rich in oil and gas resources and seeks to diversify its economy and strengthen partnerships with China and other countries.

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