BRICS Explained: What is it and who wants to join this rapidly growing group?

Aug 22, 2023

New Delhi, August 22 (ANI): The 15th BRICS Summit is scheduled to be held in Johannesburg, South Africa from August 22 to 24. BRICS is the acronym for an emerging-market group that comprises Brazil, Russia, India, China and South Africa. The BRICS countries make up over 40 per cent of the world population and about one-fourth of the world economy. More countries want to join the club, amid a world order seen to be dominated by the US and its Western allies. The group was founded as an informal club in 2009 and South Africa joined the grouping the following year. Member nations get a one-year chairmanship of group on a rotation basis and currently, South Africa holds the presidency of BRICS. Apart from geopolitics, the group's focus includes economic cooperation and increasing multilateral trade and development. This year’s chair South Africa says over 40 countries have expressed interest in joining. Iran has said it hopes the club will pin down the new membership process as soon as possible. Saudi Arabia has the backing of Russia and Brazil and Argentina says it has China’s support. Ethiopia also says that it has asked to join the group and Bolivia appears interested too. Algeria said it applied for membership and to become a shareholder in the so-called BRICS Bank. China wants the group to get bigger as it tussles with the US. South Africa, Russia hopes to thaw its diplomatic isolation. Brazil is more skeptical. India wants BRICS expansion on basis of full consultation, consensus.