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BRICS prepares for South Africa summit and possible expansion
Ahead of an upcoming summit in South Africa, a growing number of developing countries have shown interest in joining the BRICS, indicating the strengthening cooperation among these nations and the potential for a more equitable global order.
Flags of the BRICS countries
Ethiopia, a rapidly growing economy in Africa, has formally requested to be part of the BRICS, emphasizing their expectation of a positive response. Nicaragua’s Foreign Minister has also expressed interest, citing the bloc’s promotion of a multipolar order and unity among developing nations.
The expansion of the BRICS will be discussed at the upcoming South African summit, following a meeting of foreign ministers from Brazil, Russia, India, China, and South Africa in June. Other countries, including Venezuela, Argentina, Iran, Algeria, Saudi Arabia, and the United Arab Emirates, have either applied or shown interest in joining the BRICS.
The BRICS demonstrated practical achievements and looks to serve as a model for South-South cooperation. The bloc is attracting increasing attention from other countries, accelerating cooperation among developing nations and advocates for a more just international order.
Accounting for over 40 percent of the global population and approximately 26 percent of the world economy, the BRICS countries hold significant influence in safeguarding stability and peace amidst escalating geopolitical risks.
In representing the interests of developing and emerging market countries, the BRICS play a crucial role in upholding globalisation and multilateralism in global governance, collaborating on issues from food security to post-COVID-19 recovery, and in recent months trade deals that bypass the dollar.
That BRICS are vying at a more equitable and multilateral international order, can the bloc enhance the global industrial chain and stimulate global economic recovery without resorting to what is now being dubbed an outdated financial architecture typical of North-South relations?
