In the latest development, the BRICS alliance is making preparations to extend an invitation to Saudi Arabia to join its ranks, according to a report released on Thursday. This move comes against the backdrop of shifting global dynamics and uncertainties, as emphasized by China's President Xi Jinping during his statement on Wednesday. President Xi stated, "The world is currently navigating through a new phase of turbulence and transformation. In light of this, the BRICS member countries should consistently uphold our initial objective of bolstering our collective strength through unity."
However, there are differing viewpoints within the existing BRICS framework regarding this expansion. India is apprehensive that a larger BRICS consortium could potentially lead to the group being predominantly influenced by China's agenda. In parallel, Brazil harbors concerns about potential strain in its relations with Western nations due to this expansion.
The growing interest in BRICS membership is noteworthy, with over 40 countries expressing their desire to join this coalition. Among them, 22 nations have taken formal steps to request admission. If an agreement is reached to enlarge the BRICS alliance—currently comprised of Brazil, Russia, India, China, and South Africa—numerous interested countries could begin the process of seeking membership.
A potential expansion of BRICS to incorporate nations such as Saudi Arabia and Indonesia would have substantial global economic implications. By the year 2040, this expanded coalition would command a combined 44% of the global economy. This projection outstrips the predicted 21% share of the Gross Domestic Product held by the Group of Seven (G7) nations.
PM Modi Proposes Ideas for Stronger BRICS Collaboration
BRICS Summit Day 2 PM Modis Bilateral Meeting with S.African President Cyril Ramaphosa
BRICS 2023 Summit in South Africa: PM Modi's Key Role and Agenda