The BRICS group (Brazil, Russia, India, China, and South Africa) has drawn membership bids from 19 nations ahead of its upcoming summit. The summit, which is scheduled to take place later this year, is expected to be a significant event for the five-nation group, which represents about 40% of the world’s population and 25% of global GDP.
BRICS has gained a reputation as a significant player in the global economy, with its member nations becoming more integrated into the global economic system. The group’s summit is expected to focus on a range of issues, including global trade, climate change, and economic cooperation.
Algeria, Egypt, Indonesia have asked to join the BRICS group
As BRICS becomes increasingly influential in the global economy, it has attracted interest from other countries seeking membership. The 19 nations that have submitted membership bids include Argentina, Indonesia, Iran, Mexico, and Turkey, among others.
Membership in BRICS would provide these countries with access to a vast market, new investment opportunities, and a forum for discussing issues of global importance. It would also give them a platform to shape the future of the global economy, with the potential to influence key decisions on trade, investment, and economic policy.
Foreign ministers from the five BRICS members meet in June
The addition of new members to BRICS group could also increase the group’s clout in the global economy. With its member countries representing a significant portion of the world’s population and economic output, the group has the potential to become a powerful force for change.
However, the admission of new members to BRICS group could also present challenges. The group’s existing members have developed a close working relationship, and any new members would need to be integrated into this framework. Additionally, new members could bring with them different perspectives on key issues, potentially leading to disagreements and tensions within the group.
Despite these challenges, the interest in membership in BRICS group demonstrates the group’s growing influence and importance in the global economy. As the world continues to evolve, BRICS is poised to play an increasingly significant role in shaping the future of the global economic system.