How the accession of new countries will strengthen the position of the BRICS alliance



How the accession of new countries will strengthen the position of the BRICS alliance

We tell about the significance of the historical expansion of the association

The composition of BRICS in 2024 has changed significantly – Egypt, Iran, UAE, Saudi Arabia and Ethiopia became members of the association from 1 January 2024. In this article we tell you how the new BRICS members will influence the alliance’s role on the world stage.

Mikhail Khachaturian, Associate Professor at the Department of Strategic and Innovative Development of the Financial University under the Government of the Russian Federation, noted in an exclusive commentary for TV BRICS that the entry of five new members into BRICS turns the association into a significant economic and political force.

He mentioned that the expansion of BRICS is making it the largest organisation bringing together countries that account for almost 50 per cent of the world’s population and more than 50 per cent of the world’s manufacturing, agricultural and scientific potential.

“BRICS is emerging as a new centre for coordinating economic decision-making. In terms of the political influence of the alliance, there is a very clear trend towards strengthening the importance of the organisation in the Middle East and Africa, which seems very relevant and promising,” the expert said.

Mikhail Khachaturian also spoke about why Egypt, Iran, UAE, Saudi Arabia and Ethiopia joined BRICS.

“Initially, the choice of countries signalled the multi-vector development of BRICS. The admission of six member countries would ensure that the organisation’s influence is strengthened in Latin and South America, Africa and the Middle East, i.e. covering three of the four most important regions of the global South that will become centres of economic development in the next 50 years. Argentina’s refusal to join has somewhat slowed the pace of BRICS expansion in Latin and South America, but certainly has not stopped the process. In the foreseeable future, we should expect the entry of new countries from this region,” the expert emphasised.

More than 30 countries around the world have declared their desire to join BRICS. Obviously, as the political and economic potential of the organisation expands, the list of BRICS members will grow. “Of course, we should not expect new waves of enlargement in 2024, as it will take some time to embed the new member countries already admitted, but on the horizon of the next two to three years, the enlargement process will continue. The most likely members of BRICS could be Venezuela, Belarus, Indonesia, Malaysia, Thailand and Turkey,” the specialist summarised.

On 1 January 2024, Russia began its BRICS chairmanship. It is our country that will need to formulate a useful agenda that meets international challenges, not for five states, as it was before, but for ten. The new countries include Egypt, Iran, UAE, Saudi Arabia, Ethiopia.

Tatyana Seliverstova, Director of the BRICS+ International Business Forum and Chairman of the Board of the Leaders of International Cooperation, noted that the entry of the strongest economies of the Arab world into BRICS will give a new impetus to the alliance.

“The accession of new states forms a challenge to the association itself, it is time to demonstrate real measures in support of multilateral co-operation and in creating the necessary mechanisms for economic partnership. I think that the BRICS New Development Bank needs to become more open to interact with businesses of all ten countries of the association,” the expert noted.

She emphasized that the leaders of the BRICS countries will need to create all conditions for equal access to member states in decision-making and the promotion of interests within the association.

*Editorial opinion may not coincide with the positions of experts.





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