Formalized in 2009 by Brazil, Russia, India, and China (and joined by South Africa in 2010), the BRICS economic block aims to curb the sway of the West on global affairs… and countries worldwide are lining up to join.
Driving the news: Over two dozen nations are reportedly considering BRICS membership. Applicants include sizable economies like Thailand, Nigeria, and, most notably, Turkey, whose application marks the first time a NATO member has sought entrance into BRICS.
- Last year, it began expanding, adding Egypt, Ethiopia, Iran, and the UAE. BRICS also extended an invitation to Saudi Arabia, which is currently thinking it over.
- Policy expert Jorge Heine claimed that “one could well argue that a page has been turned in the transition toward a less Western world,” given this development.
What does BRICS want? Ahead of the BRICS conference later this month, current chair Russia stated the bloc’s goals are increasing its role in the global financial system, aligning tax administration rules between members, and expanding the use of members’ currencies.
- The long-term goal is to get as many nations as possible to stop using the U.S. dollar and, possibly, launching a BRICS currency.
Why it matters: As BRICS adds more members with more influence, it’s becoming a legitimate foil for bodies like the G7. So much so that there’s concern it could stymie future global co-operation by hardening the division between its new members and the West.—QH