from Birch Gold:
BRICS Expansion: Who’s in the Lineup?
One of the world’s newest economic alliances is gaining momentum as BRICS – comprised of original members Brazil, Russia, India, China and South Africa – boast of a potential 40 countries that are looking to join the conglomerate. With just their original members, BRICS already represents 41.5% of the world’s population. It has a higher GDP than the G7 (31.5% of the world’s GDP compared to 30% as of 2023) and some are pegging the potential GDP of BRICS to be more than 50% by 2030.
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With such economic muscle, it’s easy to see why countries are lining up to join. But how much sincerity is behind each bid, and what would it mean if they did join?
And perhaps more importantly, what would it be called? The letters in BRICS represent each of the current countries, with the previous name being “BRIC” before South Africa joined in 2010, giving it the S at the end.
Depending on which countries jump on board, the acronym could change, with some countries offering letters more favorable to acronyming than others. At this point, BRICS would be in desperate need of another vowel if it hopes to spell out anything worthwhile, but the more generic BRICS+ is always a possibility and a favored term to refer to hypothetical expansion without knowing precisely which countries will be in the next incarnation of the alliance.
Let’s take a look at potential BRICS+ members here:
Friends of BRICS
To start with, a host of countries have already made their formal bid to join BRICS, each with their own motivations. Together, they’re informally known as the “Friends of BRICS”.
Algeria
Algeria was among the first countries to apply to join BRICS, submitting its application in November 2022. Since it did so, both China and Russia have expressed that they support Algeria joining the bloc. Notably, this is the first time an Arab country has created an alliance with Beijing. Algeria has a history of working with Russia as it was the first country in Africa to form an alliance with them in 2001.
In other words, the potential for Algeria to join BRICS looks very strong. Ranked 56 out of the world’s major economies, it isn’t a major powerhouse, but its diplomatic background in Africa brings credence to the bloc.
Argentina
Argentina was another early applicant to BRICS once the bloc signaled it was considering expansion, applying in 2022. The country has announced that China supports its bid to join, with the support formalized at the G20 summit in Indonesia.
Even though Argentina’s motions to join BRICS will strain its relations with the West, the country is projected to continue with the process. As the second-largest economy in South America next to Brazil, doing so would solidify the continent’s ties to BRICS.
Bahrain
Bahrain is joining Algeria and three other Arab countries in a bid to join BRICS, having formally declared its intention to do so at a summit in South Africa in 2023.
Information on Bahrain’s individual motivations to join BRICS, beyond operating in tandem with its fellow oil-producing Arabian nations, is scarce. With that said, numerous reports confirm that the country is interested in moving forward. If it does, it means it will bring its legacy as a regional and global economic hub to the table.
Bangladesh
One of the more recent countries to formally express interest in joining BRICS is Bangladesh, which made its application in June 2023. Bangladeshi Prime Minister Sheikh Hasina spoke with South African President Cyril Ramaphosa to seal the deal, which is notable since South Africa is currently the leader of BRICS.
Bangladesh’s foreign minister confirmed the declaration of interest, granting it further weight. Ranked 35th of the world’s major economies, it will lend to BRICS share of the global GDP.
Belarus
With its close proximity to Russia both geographically and geopolitically, it isn’t a surprise to find Belarus speaking up as an applicant for BRICS. “This decision was an absolutely logical step in the context of… expanding cooperation in multilateral formats with traditional partners and friendly states,” the Belarusian Foreign Ministry said, according to a report by Russian news agency RIA in July 2023.
The statement, along with Belarus’s history, make it likely that the country is moving ahead with its membership request. With its GDP rising almost 20% over the last decade, and its productivity going up by a third, it would be a strong asset for the bloc.
Egypt
Oil-rich Egypt is another Arab state looking to improve its economic standing in the world by joining BRICS. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Georgy Borizenko, Russian ambassador to Cairo in June 2023.
BRICS has considered launching its own currency as a contender for the dollar as the world standard, although the framework has not yet been outlined as to how that could happen. Even without that in consideration, Egypt joined the BRICS New Development Bank in February 2023, indicating that its interest in joining BRICS is multifold on the economic front.
