BRICS+ and changing global alliances: A step towards exploring new currency ideas and challenges
BRICS intensified discussions on expansion and a common currency.
Originally comprising Brazil, Russia, India, and China, BRICS was coined by Goldman Sachs in the 1990s to encourage investment in emerging economies. South Africa, the first non-original member, aptly led a summit centered on group expansion.
BRICS expanded its wings:
The BRICS meeting concluded, and the good news is that they are happy to shake hands with 6 more countries- Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE).
Currently, the core BRICS countries control around 23% of global exports and 19% of global imports, and the new members would add 3.7% and 3.0% respectively, with Saudi Arabia being the biggest individual new member in terms of exports and the UAE the biggest new importer.
What BRICS+ have now?
This alliance includes six leading crude oil producers—Saudi Arabia, Russia, China, UAE, and Iran—yielding substantial energy and geopolitical influence.
It unites three top African economies—Egypt, South Africa, and Ethiopia—and South America's key players, Brazil, and Argentina.
Strikingly, this coalition bridges the divide between ideological rivals: Sunni-majority Saudi Arabia and Shia-majority Iran.
With a diverse mix of economic, energy, and political dynamics, this alignment reflects a complex global landscape where nations with disparate interests find common ground, underscoring the intricate interconnectedness shaping today's international relations.
Saudi Arabia, China, Russia, India, and other nations have rapidly bolstered trade and relations.
