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With a combined population of about 3.5 billion people, and an economy worth over USD 28.5tn or about 28% of the global economy, the newly expanded BRICS is a formidable economic entity to reckon with
Two more African countries, Ethiopia and Ethiopia, are inducted into the BRICS group formally effective from 1st January 2024, along with Saudia Arabia, the United Arab Emirates, and Iran. Argentina, which was also invited to join the league, but backed out recently in December.
The BRICS group of emerging economies was formed in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010, providing an important platform for cooperation among emerging markets and developing countries. The doubling of its members on Monday is aimed at increasing the group’s clout on the global stage.
With a combined population of about 3.5 billion people, and an economy worth over US$28.5tn or about 28% of the global economy, the newly expanded BRICS is a formidable economic entity to reckon with. A few more developing economies also have expressed their willingness to join the group. There is also a counter view that with the induction of more members decision-making in the forum will be difficult and time-consuming. But the BRICS leadership scotches this view and says that the expanded forum would give a challenge to the developed world and would catalyse the ongoing efforts toward de-dollarization.
Read Also:
https://trendsnafrica.com/can-proposed-brics-currency-abet-de-dollarization/
https://trendsnafrica.com/brics-summit-2023-takeaways-for-africa/
It may be recalled that Brazil in the recent meetings of the Forum has pitched for a common currency for BRICS, though other members feel that it is a far-fetched goal as of now. Russia took over the BRICS presidency recently (Monday), from South Africa’s chairmanship in 2023 and will hold the chair for one year.
