At the recent BRICS summit, this economic alliance officially expanded its scope to incorporate 13 countries as latest partners. This significant step marks the expansion of BRICS influence, particularly in Southeast Asia, to incorporate Malaysia, Indonesia, Vietnam and Thailand.
Through its official account on the social media platform, X BRICS announced on October 24 that its partnership now includes 13 additional countries. In addition to Southeast Asian countries, countries equivalent to Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Nigeria, Turkey, Uganda and Uzbekistan have also joined as BRICS partners.
Founded in 2006 with initial members from Brazil, Russia, India and China, the group has experienced significant growth. South Africa joined the EU in 2010, and this 12 months Egypt, Ethiopia, Iran and the United Arab Emirates became full members.
This increasingly inclusive BRICS membership reflects the group’s growing economic influence. BRICS members collectively contribute greater than $28.5 trillion to the worldwide economy, representing roughly 28% of total global GDP. The fifteenth annual BRICS summit was held on October 22–24 in Kazan, Russia.
BRICS membership: partner or full member
It is significant to emphasise the numerous difference between full membership and partner status inside BRICS. Full members have full voting rights in decision-making, full participation in all bloc activities, and full commitment to the goals and principles of BRICS.
In contrast, BRICS partners have a more limited involvement, with selective participation in some initiatives, and will proceed to take part in other international initiatives without full commitment to BRICS.
Nevertheless, partnership status might be seen as a primary step towards full membership, giving partner countries the prospect to display their commitment to the bloc and meet the vital criteria for future formal membership.
Expanding membership: BRICS forces economic change
Indeed, expanding membership was the fundamental topic of this 12 months’s BRICS summit. During last 12 months’s meeting, the bloc managed to formally invite several latest countries to officially join.
Over the last two years, BRICS has shown extraordinary growth dynamics. Through various initiatives, BRICS seeks to expand its global influence and offer an alternative choice to the prevailing financial system.
One of the fundamental goals of BRICS is to cut back dependence on the US dollar through the means of de-dollarization. A key technique to strengthen BRICS is to expand its membership to incorporate more countries that share its vision of making a more inclusive and sustainable global economic order.
In addition, BRICS actively promotes using local currencies in trade transactions between member countries, thereby reducing dependence on the US dollar. Thanks to exclusive partners, BRICS is consistently expanding its economic cooperation network and increasing its influence on the worldwide stage.
