The math behind BRICS expansion, explained in charts
Jim O'Neill came up with the term ‘BRIC’ (Brazil, Russia, India and China) in 2001, little did he know that the acronym would become the groundwork for an ambitious alliance of the world’s highest-potential large economies. That potential is, in a way, now spreading, even as more nations dare to dream beyond the West’s hegemony. The BRICS bloc was born in 2009 as a response to the changing global economic landscape, aiming to promote cooperation on common challenges.
South Africa joined in 2010, and now, six more countries—Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates—are set to join the club. But it has emerged that dozens more wanted to join. Mint explores the pulls and pressures.
The process behind the selection of the new members is not known, but over 40 countries had reportedly expressed interest. The revamped group has its task cut out in the post-pandemic era: to bond over strategic interests and push them on the global agenda. Consensus will be a challenge, though.
Heavyweights China and India don’t see eye to eye on several issues and will try to wield influence over smaller economies—even as the West, the BRICS’ common foe, counts India as an ally of sorts in its own rivalry with China. "It’s clear that the entire (selection) process is being pushed by China, as it wants to create a platform with a strict anti-West orientation. India will have to work closely with like-minded partners in BRICS to balance this out.
The declining trust between India and China will be the fundamental faultline in this platform," said Harsh V. Pant, professor of international relations, King's India Institute. BRICS gets its currency from its fast-rising share in global GDP.
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