In recent developments, Anlil Sooklal, South Africa's top diplomat responsible for relations with the BRICS group, has revealed that the list of countries expressing interest in joining the global economic alliance has grown to an impressive 44. Among these, 22 countries have formally expressed their desire to become BRICS members, while an equal number have informally indicated their interest. This expansion encompasses major countries from the global south, indicating the growing significance of the alliance.
The Focus of the Upcoming Summit:
The upcoming BRICS summit will center around discussing the extent and speed of the coalition's expansion. Originally consisting of Brazil, Russia, India, China, and South Africa, BRICS is now facing a substantial lineup of potential new members, including countries like Argentina, Iran, and Saudi Arabia. Anlil Sooklal and other members within the group have been actively involved in organizing and prioritizing the expansion effort for over a year, underscoring the importance the member states place on the enlargement process. #Brazil #Russia #India #China
The Primary Purpose of BRICS:
The main impetus behind the formation of BRICS was to create an alternative financial system that could counter the dominance of the US dollar and challenge the traditional economic order. Central to this objective is the New Development Bank (NDB), which plays a pivotal role in empowering member nations by providing support for their public and private projects through loans, equity participation, and other economic measures. By bolstering the NDB's role, BRICS aims to establish itself as a viable alternative to the existing economic paradigm, which has long been dominated by the US and its Western allies.
The Significance of NDB for New Members:
South Africa's Foreign Affairs Minister, Naledi Pandor, emphasizes the crucial role of the NDB in assisting new members as they navigate the global economic stage. Historically, gaining a foothold in the international economic arena has been challenging for emerging economies due to the dominance of the US and its allies. However, with the support of the NDB, new members have an opportunity to strengthen their positions and pursue their development goals more effectively within the BRICS framework.
In Summary:
The potential expansion of the BRICS economic alliance represents a significant milestone in its evolution and underlines its growing importance on the international stage. As an increasing number of countries seek to join, BRICS is committed to fortifying its position as a legitimate alternative to the traditional economic order. With the New Development Bank as a key instrument, the coalition aims to empower its member states and challenge the longstanding dominance of the US dollar in the global financial system. As the leaders of BRICS convene this month, they will deliberate on the details of welcoming new countries into the alliance, setting the stage for a more diverse and influential global economic partnership. #BRICS