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Opinion
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| BRICS Evolves Criteria for Expansion | | | | The 15th BRICS Summit, held under the chairmanship of South Africa, has marked a historic turning point for this prominent alliance of nations. The highlight of this summit is the unanimous decision to expand the BRICS grouping to include six additional countries from January 1st, 2024. The new members set to join this prestigious coalition are Argentina, Iran, the UAE, Saudi Arabia, Ethiopia, and Egypt.Although all members of the bloc have generally agreed to the expansion, determining the criteria is anticipated to be a prolonged negotiation due to differing visions regarding the group's future composition.
With a large number of developing countries clamouring to join the BRICS countries, India is wary about the dynamics of an expanded bloc and has indicated that it will give preference to its “Strategic Partners”.
The expansion, however, comes with its own complexities. The participants discussed how the BRICS nations must carefully define criteria and protocols for new member inclusion to maintain consensus and avoid regrets in the future.
China's enthusiasm for expansion was noted, partly due to its economic strength, which exceeds the rest of the BRICS nations combined. China's interest in using BRICS as a platform for its Belt and Road Initiative has raised concerns among other members. Russia, facing sanctions from the West, has also recognized BRICS as a crucial platform for garnering international support.
The discussion highlighted Prime Minister Modi's vision for a "BRICS of the Future," emphasizing Breaking Barriers, Revitalizing Economies, Inspiring Innovation, Creating Opportunities, and Shaping the Future.
Key takeaways from the summit included discussions on global economic recovery, partnership with Africa and the Global South, and reviewing progress on the BRICS agenda. India's efforts to engage with Africa were particularly emphasized, recognizing Africa as a crucial part of the world's future.
The BRICS nations are increasingly seen as the voice of the Global South and emerging economies. India's multi-alignment strategy, building partnerships in various sectors and countries, has strengthened its position as a respected and influential nation among these diverse alliances.
The 15th BRICS Summit represents a significant moment in the evolution of this alliance. Expansion reflects the changing dynamics of the world order, with India playing a pivotal role in shaping the BRICS of the future. As BRICS continues to grow and evolve, it holds the promise of promoting cooperation, stability, and development on a global scale.
BRICS initially consisted of Brazil, Russia, India, and China – an acronym coined by Goldman Sachs in the 1990s to promote investment in emerging economies. South Africa was the first non-original member to join the group, making it fitting that the African nation chairs a summit focused on expanding the group. | | | | |
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