Creating new perspectives since 2009

In this photo illustration, the BRICS logo. [Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images]

The BRICS group, comprising Brazil, Russia, India, China and South Africa, continues to attract applications from numerous countries as it explores expansion opportunities, Anadolu Agency reports.

Anadolu compiled the developments regarding the enlargement process of BRICS.

Amid the search for a multipolar world, Brazil, Russia, India and China laid the foundations in 2009, with South Africa joining in 2010.

BRICS, while criticising the unequal structures and resolutions of the Group of Seven (G-7) and the UN Security Council, calls for reforms in international structures and norms to establish a multipolar order.

With a combined population representing nearly 42 per cent of the world’s population, the BRICS countries control 18 per cent of global exports. The collective gross domestic product (GDP) of the five countries surpasses the share of the G-7 countries in the world.

According to World Bank data, the BRICS’ global GDP rose from 18 per cent in 2010 to 26 per cent in 2021. Since its establishment in 2009, BRICS has evolved into a geopolitical coalition, taking an independent stance on global issues distinct from the Western-centric G-7 countries.

READ: Tebboune urges acceleration of Algeria BRICS accession process

Moreover, the economies of Brazil, Russia, India, China and South Africa continue to grow and exert influence on the global economy.

BRICS has been organising annual summits since 2009, primarily aimed at improving the economic conditions of its member countries. The nations are also exploring cooperation opportunities for this purpose.

New Development Bank

In the realm of economics, the BRICS decided, in 2015, to establish the New Development Bank (NDB) to provide loans for development projects in developing countries. The NDB was envisioned as an alternative to Western-based institutions such as the International Monetary Fund (IMF) and the World Bank.

As BRICS gains increasing significance in global politics and the economy, membership requests have been made by several countries.

Among the countries expressing interest in joining BRICS are Afghanistan, Argentina, the United Arab Emirates, Bahrain, Bangladesh, Belarus, Algeria, Indonesia, Iran, Kazakhstan, Mexico, Egypt, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Saudi Arabia, Thailand, Tunisia, Uruguay, Venezuela and Zimbabwe.

In addition, Argentina, Algeria, Iran and Egypt have officially applied to join BRICS.

The BRICS leaders will deliberate on all these requests within the “enlargement agenda” during the Summit scheduled for 22-24 August.

In a multipolar system, countries seek to pursue a balanced policy by establishing relations with different countries and parties. The economic and political benefits of BRICS membership serve as significant factors in attracting countries.

In this context, Algeria, Argentina, Egypt and Iran, which have expressed their willingness to join BRICS through official applications, are increasingly inclined towards the bloc.

At the upcoming BRICS Summit, it is expected that the countries that have applied for membership will be accepted into the group.

READ: BRICS foreign ministers pledge to build up New Development Bank