19 Countries Express Interest In Joining BRICS Before The Annual Conference.
BRICS is a group that represents more than 40% of the world's population, 25% of global GDP (nominal GDP of US$16.039 trillion), & an estimated US$4 trillion in combined FX.
As the BRICS group of countries prepares to host its annual meeting in South Africa, 19 countries have shown their interest in joining. Brazil, Russia, India, China, & South Africa will meet in Cape Town on June 2 & 3 to discuss the bloc’s expansion. South Africa’s ambassador to the organisation, Anil Sooklal, stated recently in an interview.
South Africa’s ambassador to the organisation, Anil Sooklal, stated in an interview that the growth of the summit and the mechanisms for doing so would be explored. Thirteen countries have formally requested membership, with another six asking informally. Every day, BRICS receives applications to join.
Foreign Ministers from all five member countries have confirmed their attendance for the June talks, according to Anil Sooklal. Aside from its membership, they will also scrutinise hot spots like Sudan, where a confrontation between the army and a paramilitary force is still ongoing.
The BRICS, which is about one-fifth of the global economy, has arisen to be a formidable new voice worldwide. The five countries are responsible for 16% of international commerce and around 24% of global GDP. Since its inception as the summit in 2006, the organisation has only included one new member: South Africa in 2010.
Saudi Arabia & Iran are the countries that have formally asked for membership, according to Anil Sooklal in February.
The potential expansion of the bloc can’t be ruled out given the systemic competition between the US and China, as well as the frequently changing scenario of world politics, and the demand to join the group will grow further as great powers and small powers, seek alliances to defend their strategic interests amid rising tensions with the United States of America over the Russia-Ukraine crisis.
Today, the summit is seen as a competitor to Western-led institutions, as the latter does not reflect the current interests of global systems and economies. Current BRICS currency negotiations have reignited the notion of de-dollarisation. Experts believe that a new world is shaping up.
However, doubts remain after China launched the expansion discussion while chairing the the summit last year. Other members are concerned that the projected enlargement would dilute their power, especially if Beijing’s close friends are included. Recognising that China’s GDP is more than double that of the other four members combined.
Now that we know about what is BRICS annual summit is organised let’s know the basics of the summit.
What is BRICS?
BRICS is an abbreviation for the world’s five developing economies that are Brazil, Russia, India, China, and South Africa.
About BRICS.
The summit is a group that represents more than 40% of the world’s population, 25% of global GDP (nominal GDP of US$16.039 trillion), & an estimated US$4 trillion in combined FX. Bilateral interactions are primarily based on equality and mutual benefit.
Before the inclusion of South Africa in 2010, the first four were called BRIC. The BRICS have a combined size of 39,746,220 km2 (15,346,101.0 square mi) and a total population of around 3.21 billion people, accounting for approximately 26.656% of the world land surface & 41.53% of the world population.
BRICS purposes.
One of the grouping’s central objectives is to widen, deepen, and increase collaborations among the member countries for mutually beneficial, sustainable, & equitable development. Every member’s growth & development are considered to ensure that relations are established on individual countries’ economic strengths and that friction is avoided wherever feasible. With such diversified goals, BRICS has become a unique and promising Political-Diplomatic body that was previously established only to address global financial concerns and reform institutions.
Conclusion.
The developing market bloc of Brazil, Russia, India, China, and South Africa has piqued the interest of various countries since it offers an alternative option in a world where the West has dominated, furthermore, around the interests of developing and underdeveloped countries.
