From Five to Many: Exploring BRICs Influence Through Expansion | Chart of the Week
BRICS constitutes a consortium of five prominent nations—Brazil, Russia, India, China, and South Africa. Defined by their burgeoning economies, this alliance has pursued enhanced diplomatic alignment, the overhaul of global financial institutions, and, at its core, the ambition to establish equilibrium in response to Western dominance.
On August 24, 2023, BRICS unveiled its intention to formally induct six additional members at the outset of 2024: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE).
Reported by Reuters, more than 40 countries have shown keen interest in becoming part of BRICS. However, a more select subset of 16 nations have taken steps to formally seek membership. Notably, this list comprises Algeria, Cuba, Indonesia, Palestine, and Vietnam.
As the ranks of BRICS expand, the potential for divergent viewpoints and differing agendas among its members may introduce tensions down the line. A prime illustration is the ongoing border disagreements between India and China, while Brazil’s newly elected President has been intent on ushering in a fresh chapter of relations with the United States.
Sources: Visualcapitalist, Ycharts, World Gold Council, BMG Group Inc.