BRICS expands with new members and stronger market influence

The BRICS economic alliance is witnessing significant expansion, driven by an increasing number of member nations and a growing influence on the global stage.

“We will have relations developing with BRICS countries, especially as the number of countries is growing and the capacity of this BRICS market is rather high,” said Russian Deputy Prime Minister Alexander Novak, speaking at the Valdai Discussion Club in Sochi, according to Tass.

BRICS, initially formed by Brazil, Russia, India, China, and South Africa, has recently expanded its roster to include six new countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).

With these additions, BRICS seeks to enhance its economic and geopolitical leverage, setting the stage for a more balanced global power structure.

Furthermore, the alliance has extended invitations to 13 other nations to join as partners, signaling a strategic move to broaden its influence.

According to Novak, BRICS now accounts for 36% of the global economy, surpassing the 30% held by the G7 nations.

This shift underlines the increasing economic importance of the bloc and its potential to drive future global growth.

“Speaking about the future, almost the whole potential of economic growth is concentrated exactly in BRICS countries,” Novak noted.

This statement underscores the bloc's strategic position as a leading force in global economic development.

To sustain this rapid growth, Novak emphasised the necessity for new investment projects among member countries.

“It is impossible to close one large country in terms of the global economy. Russia is actually the fourth global economy; it cannot be isolated,” he pointed out, emphasising Russia's crucial involvement.

This highlights Russia's commitment to reinforcing BRICS' objectives and fostering its collective growth.

The strengthening of BRICS through expanded membership and investment initiatives suggests a shift toward a more multipolar global economy.

The inclusion of major oil-producing nations like Saudi Arabia and the UAE further solidifies BRICS' economic power and positions it as a counterbalance to traditional Western-led alliances.

By amplifying its market presence and political influence, BRICS is positioning itself to play a pivotal role in shaping future global economic policies and partnerships.

This growth trajectory emphasises BRICS' ambition to be recognised not only as an economic alliance but also as a major force with significant leverage in international relations.