We have valid reasons to be wary of BRICS expansion
the future of BRICS-Plus. The Johannesburg summit of BRICS leaders, which ended on 23 August 2023, agreed to induct six new members: the United Arab Emirates (UAE), Saudi Arabia, Argentina, Iran, Egypt and Ethiopia. Along with the existing five members—Brazil, Russia, India, China and South Africa—the expanded grouping of 11 members now presents an interesting alchemy of geo-political and geo-economic interests.
There are two surprises: the omission of Indonesia and the inclusion of Saudi Arabia. The membership of the UAE and Egypt was not in doubt because both had become members of the BRICS multilateral development bank, the Shanghai-based New Development Bank (NDB). Even Bangladesh, which joined the NDB recently, was considered a certainty, but it might have to wait some more.
Moving beyond the politics of expanding membership, BRICS-Plus provides an interesting image of the grouping’s desire to present a non-Western, alternative development model. In terms of its geographical footprint, the grouping now has three members in Africa, five in Asia, two in South America and one in Europe, providing BRICS-Plus with strengthened Global South credentials. Looking at some of the other nations queuing up outside the door further reinforces the identity of BRICS-Plus as an emerging, powerful and influential non-Western bloc.
Other consequential outcomes arise from expanded membership. After the addition of Saudi Arabia, Iran and the UAE, BRICS-Plus now represents close to 45% of the world’s oil production capacity. And though dark clouds surround the future of fossil fuels, the coming together of four large producers (including Russia) is likely to animate global energy markets in the near future.
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