{"id":258314,"date":"2023-09-01T20:23:14","date_gmt":"2023-09-01T14:53:14","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=258314"},"modified":"2023-09-01T20:23:14","modified_gmt":"2023-09-01T14:53:14","slug":"brics-is-bigger-now-is-it-better-too","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/brics-is-bigger-now-is-it-better-too\/","title":{"rendered":"BRICS is bigger now. Is it better too?"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cBRICS is bigger now. Is it better too?\u201d <\/strong>published in \u201cThe Indian Express\u201d <\/strong>on 1st September 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS2- Regional and global groupings<\/p>\n

Relevance:<\/strong> BRICS<\/p>\n

News<\/strong>– Leaders of Brazil, Russia, India, China and South Africa took a call last week to expand the BRICS grouping from five countries to 11.<\/p>\n

What are some facts about the origin of BRICS grouping?<\/strong><\/h2>\n

BRICS is a grouping of five of the largest emerging nations<\/strong> worldwide. It represents approximately 41 percent of the global population, around 24 percent of the global GDP, and roughly 16 percent of global trade.<\/strong><\/p>\n

The term BRIC was initially coined in 2001 by Goldman Sachs<\/strong> in their research paper titled ‘The World Needs Better Economic BRICs.’ <\/strong><\/p>\n

The paper predicted that the four economies of Brazil, Russia, India, and China would become some of the world’s largest economies <\/strong>over the next five decades.<\/p>\n

Formally, the BRIC grouping began to take shape after leaders from Russia, India, and China met in St. Petersburg<\/strong> during the 2006 G8 Outreach Summit.<\/p>\n

The formal establishment of the group occurred during the first meeting of BRIC Foreign Ministers<\/strong> on the sidelines of the United Nations General Assembly<\/strong> in New York in 2006.<\/p>\n

How BRICS is expanding itself?<\/strong><\/h2>\n

The Johannesburg declaration<\/strong> stated that the BRICS nations had agreed on the fundamental principles, norms, conditions, and steps<\/strong> for the expansion process.<\/strong><\/p>\n

Their efforts were driven by the goal of including Strategic Partners <\/strong>as new additions.<\/p>\n

India holds strategic partnerships<\/strong> with four of the six new potential members, namely Saudi Arabia, the UAE, Iran, and Egypt.<\/p>\n

With its expansion to 11 members, BRICS has now surpassed the size of both ASEAN and the Shanghai Cooperation Organization.<\/strong><\/p>\n

Some have portrayed the expanded group as an alternative to Western alliances<\/strong> like the G7. But, India does not see it as an “anti-Western” coalition.<\/strong><\/p>\n

In fact, France, a G7 member, has reportedly shown interest in more active engagement <\/strong>with BRICS.<\/p>\n

The new member countries are emerging economies <\/strong>with significant growth potential<\/strong>. Many of them belong to the Global South or are developing nations<\/strong>.\u00a0 They seek to diversify their options in the increasingly polarised geopolitical landscape.<\/strong><\/p>\n

Which are the new members from Latin America and Africa?<\/strong><\/h2>\n

In Latin America, Argentina<\/strong> was chosen as a new member. Argentina has a GD) of approximately US$610 billion.<\/p>\n

From Africa, Ethiopia and Egypt<\/strong> secured membership, despite competition from Nigeria, Algeria, and Senegal.<\/p>\n

According to the World Bank, Ethiopia is the second most populous nation<\/strong> in Africa after Nigeria and one of the fastest-growing economies<\/strong> in the region, with an estimated growth rate of 6.4% in FY 2021\/22. <\/strong><\/p>\n

Egypt, strategically located with 12 percent of global trade <\/strong>passing through the Suez Canal, plays a crucial role in the region. It is a significant economic powerhouse<\/strong>, considered an emerging economy <\/strong>with reforms.<\/p>\n

Both Argentina and Egypt, however, have strong economic ties <\/strong>with China. Recently, Beijing assisted Argentina in avoiding a default with the International Monetary Fund<\/strong> for the second time.<\/p>\n

China’s bilateral trade <\/strong>with Egypt currently stands at $15 billion<\/strong>, which is double that of India’s $7.26 billion in 2021-22. President Sisi has actively pursued Chinese investments <\/strong>and has made multiple trips<\/strong> to China over the past eight years.<\/p>\n

Ethiopia is seen as carefully balancing its relationships<\/strong> with both the United States and China.<\/p>\n

Which are the new members from Asia?<\/strong><\/h2>\n

Out of the three Asian nations, Saudi Arabia and the UAE are strong allies<\/strong> of the United States.<\/p>\n

Iran, which has had a complex relationship with the US, <\/strong>has been courted by China in recent years.<\/p>\n

The inclusion of Saudi Arabia and the UAE is anticipated to result in increased financial support <\/strong>for the New Development Bank<\/strong>.<\/p>\n

By incorporating these four nations, BRICS has also addressed the issue of having no Muslim-majority country<\/strong> within the grouping.<\/p>\n

Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia all share a common regional space<\/strong>. This could bring prominence to the West Asian and North African region<\/strong>. The rivalries and geopolitical tensions<\/strong> in this area might influence the dynamics of the grouping.<\/strong><\/p>\n

These internal contradictions<\/strong> among the member countries could potentially limit the potential of BRICS.<\/strong><\/p>\n

What is the perception about China and Russia with regard to their relationship with the grouping?<\/strong><\/h2>\n

China is perceived as attempting to establish its own alliance<\/strong> in opposition to Western powers. <\/strong><\/p>\n

India has consistently emphasised the importance of decision-making “through consensus<\/strong>,” which is the fundamental principle of the group.<\/p>\n

This incorporation of six new members is regarded as the initial phase of expansion<\/strong>, leaving room for a potential second phase.<\/strong><\/p>\n

Russia\u00a0 is scheduled to host the upcoming BRICS summit in Kazan in 2024. <\/strong><\/p>\n

With an expanded group of 11 members attending, this event will serve Moscow’s interests<\/strong>, as Russia has been facing diplomatic isolation<\/strong>. It will seize the opportunity to underscore Russia’s significance <\/strong>despite Western pressures.<\/p>\n

For India, the primary concern remains the challenge posed by China.<\/strong> Delhi faces the challenging task of safeguarding the group from being unduly influenced by Beijing.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cBRICS is bigger now. Is it better too?\u201d published in \u201cThe Indian Express\u201d on 1st September 2023. Syllabus: GS2- Regional and global groupings Relevance: BRICS News– Leaders of Brazil, Russia, India, China and South Africa took a call last week to expand the BRICS grouping from five… Continue reading BRICS is bigger now. Is it better too?<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10500,239],"class_list":["post-258314","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-indian-express","tag-international-relations","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/258314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=258314"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/258314\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=258314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=258314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=258314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}