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The BRICS
(Brazil, Russia, India, China, and South Africa) grouping, formed two decades
ago, is now facing calls for expansion.
About 19
countries have expressed interest in joining the group. Here, questions arise
regarding the growth of BRICS, the possibility of establishing its own currency
to rival the USD, and its relevance in today's world.
However,
concerns about China's influence and the need for equitable power distribution
within the group might add complexity to the expansion process.
This article
will explore the potential expansion of BRICS, its importance in shaping a
multipolar world, and the challenges and opportunities it presents.
The Call for BRICS Expansion:
Thirteen
countries formally applied while six others have inclined to join BRICS as there
is a growing demand for expansion.
Countries such
as Saudi Arabia, Iran, UAE, Indonesia, Bahrain, Argentina, Algeria, Egypt, and
several African nations are eager to become part of the group.
In addition, from
the Democratic Republic of Congo to Cuba, Bangladesh to Guinea-Bissau, there
are many countries included in the “friends of BRICS”. Reported The Times of India.
However, India has raised concerns about maintaining BRICS' identity and agenda, and preventing China
from hijacking the organization.
India, also emphasizes the need for a criteria-based approach to expansion to
ensure the inclusion of suitable members.
Criteria-based Approach in BRICS Expansion and Indian Discontent:
India, while
enthusiastic about the expansion, seeks to prevent China from hijacking the
BRICS identity and agenda.
Foreign Minister S. Jaishankar emphasized the need for a criteria-based approach.
Like
he said, “Pakistan should not have an easy entry”. Neither should some of
China’s “yes-men”.
This cautious
stance reflects the experience of the G-4 countries (India, Japan, Brazil, and
Germany) in pushing for United Nations Security Council reform, where China has
opposed text-based negotiations.
BRICS aspirants
Argentina and Egypt, to name just two, are also members of the infamous “Coffee
Club” (United for Consensus), have opposed to India’s membership in the UN Security
Council.
They also get a
lot of support from China. So, why should India let these countries in?
Jaishankar was quoted as saying by the Times of India.
On contrary, China
has always advocated for the BRICS group to be an open and inclusive mechanism
and supports the process of BRICS expansion, Mao Ning, spokesperson of the
Chinese Foreign Ministry, said in response to Venezuela's willingness to join
the bloc.
"We
welcome more like-minded partners to join the BRICS family at an early date,"
Mao told a regular press conference held in Beijing.
Inclusive International Order:
The expansion
of BRICS aligns with the aspirations of countries seeking a greater say in the
evolving global architecture.
These countries
envision a multipolar, multicultural, and multi-civilizational world that is
not dominated by a few hegemons.
By expanding
its membership, BRICS aims to create a more inclusive international order that
addresses existing fault lines in the global geopolitical, geo-economic, and
financial architecture.
In last October,
Chinese Foreign Ministry’s spokesperson Wang Wenbin said that BRICS leaders
reached an important consensus on BRICS expansion.
They expressed
support for the discussion on the standards and procedures of the expansion at
the 14th BRICS Summit on June 23, 2022, and many countries expressed a desire
to join BRICS cooperation.
Chinese Foreign Minister Wang Yi , noted that
China will work with other BRICS members to jointly advance the expansion
process so that more partners will join the family.
Similarly, Zhang Hong, a
veteran macroeconomy observer was quoted by the Global Times as saying,
"The bloc's role is increasingly important for the vast
developing economies, which are comparatively vulnerable to external
shockwaves, especially at a time when geopolitical conflicts are flaring up,
global supply chains are fragmented and the global economy has weakened."
BRICS' Role and Significance:
While BRICS may
not set the world on fire, it serves as a platform for middle powers to
collectively voice their interests in global affairs.
Amidst calls
for reform in existing global institutions like the G7 and UN Security Council,
BRICS presents itself as an alternative platform.
As a collective
force, BRICS offers an alternative to the hegemony of the US and China, allowing
its members to navigate between the two dominant powers.
It aims to
establish a more inclusive international order that addresses existing fault
lines in geopolitics, geo-economics, and the financial.
The group,
representing 25% of global GDP, has become a positive and constructive force in
global affairs.
BRICS members
have the potential to shape market dynamics and global development.
BRICS Currency. Financial Cooperation and the New Development Bank:
The idea of a
BRICS currency to rival the USD has been raised, highlighting the potential for
increased financial cooperation within the group.
Financial
cooperation among BRICS nations has strengthened through the establishment of
the New Development Bank (NDB), also known as the "BRICS bank."
The bank was founded
by Brazil, Russia, India, China and South Africa in 2014. Its purpose was to
mobilize resources for infrastructure and sustainable development projects in
emerging markets and developing countries.
The NDB opened in July 2015, with its
headquarters in Shanghai.
The New Bank
has already facilitated infrastructure and sustainable development projects.
The NDB, which
supplements the current Western-dominated financial system, has expanded its
membership to include countries like Bangladesh, the United Arab Emirates,
Egypt, and Uruguay.
The NDB aims to
diversify financing channels and methods to support the development of emerging
economies and drive global economic growth.
The NDB held
its 8th annual meeting in Shanghai under the theme of "Shaping a New Era
for Global Development."
BRICS Enlargement Prospects and Summit in South Africa:
Several
countries, as already mentioned above, including Venezuela and Saudi Arabia, have expressed interest in
joining BRICS.
Brazilian
President Luiz Inacio Lula da Silva supports Venezuela's membership and stated
that requests from multiple countries will be debated at the upcoming BRICS
summit 2023 scheduled on August 22-24, at Johannesburg, South Africa.
Discussions on
standards, procedures, and the framework for admitting new members are ongoing.
With existing
BRICS nations keen to maintain the group's cohesive identity and shared agenda.
Conclusion:
As calls for
expansion grow louder, BRICS faces the challenge of balancing inclusion and
maintaining its identity.
The potential
addition of new members can enhance the group's capabilities, but a careful and
criteria-based approach is necessary to prevent dominance by a single country.
BRICS continues
to provide a platform for middle powers to foster cooperation, establish
equitable power distribution, and address global challenges in an alternative
and inclusive manner.
While facing
demands for expansion, BRICS stands as a platform for middle powers to exert
their collective influence in global affairs.
BRICS plays a
significant role in shaping a multipolar world and offers an alternative to
traditional Western-dominated institutions.
The writer has expertise in International Relations
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