The ομάδα BRICS, comprising Brazil, Russia, India, China and South Africa, has recently seen a significant διεύρυνση as Saudi Arabia, the United Arab Emirates, Egypt, Iran and Ethiopia join its ranks, effectively doubling its members. This expansion has been dubbed BRICS+ and has greatly amplified the οικονομική ισχύ of the economic alliance.
Though the founding members of BRICS have significant differences regarding economy and foreign policy, they share a common goal of fostering closer cooperation among the countries of the “Global South”. The integration of the new states further enhances the group’s economic power, especially considering their pivotal role in global oil production.
The prosperous economic alliance now represents nearly half of the world’s population, approximately 3.5 billion people, and amasses almost a third of the global GDP. Furthermore, with the inclusion of new nations enriched with oil reserves, BRICS+ holds a significant stake in the world’s production and reserves of ‘black gold’.
One potential game-changer includes discussions of developing a shared currency among the BRICS+ nations, a move that could severely disrupt global monetary transactions currently dominated by the dollar.
While the group’s economic impact is substantial, the potential partnerships offered to member states, particularly in energy-exchange, hint at far greater advantages. China, the alliance’s largest economy, is sure to benefit from secure oil supplies from new members Saudi Arabia and the United Arab Emirates.
Russia, with its presidency of the alliance in 2024, aims to bolster BRICS+ influence in the international economic system. The economic and geopolitical heft of BRICS+ cannot be understated, especially in the context of the rising “Global South” alliance.
