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BRICS Expansion: New Partnerships and Global Impact 2024

A Comprehensive Overview of BRICS and Its Growing Influence

BRICS Expansion: New Partnerships and Global Impact 2024

  • 08 Nov, 2024
  • 373

What is BRICS?

BRICS is an international political organization that includes major emerging economies: Brazil, Russia, India, China, and South Africa. The group is dedicated to fostering mutual cooperation and aims to create an alternative governance structure that is less influenced by Western powers.

16th BRICS Summit in Kazan, Russia

During the 16th BRICS summit held in Kazan, Russia in October 2024, the organization welcomed 13 new partner countries. This strategic move is intended to enhance the group's global influence and collaboration capabilities.

New Partner Nations Added in 2024

The new partner nations that joined BRICS are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Türkiye, Uganda, Uzbekistan, and Vietnam. Although these nations will engage with BRICS on various initiatives, they are not yet full members.

Outcomes of the 2023 Johannesburg Summit

At the 2023 Johannesburg summit, six countries were invited to join BRICS. Egypt, Ethiopia, Iran, and the United Arab Emirates later achieved full membership, while Argentina and Saudi Arabia chose not to join at that time.

Criteria for Becoming a Partner Nation

To qualify as a partner nation in BRICS, countries must demonstrate economic stability, align strategically with BRICS' objectives, and show a capacity to contribute positively to joint initiatives. They initially join as partners and may progress to full membership later.

Significance of New Partner Nations

The inclusion of new partner nations is crucial for BRICS as it significantly enhances its geopolitical and economic footprint. This expansion promotes a more balanced global economic framework and reduces Western hegemony in international relations.

Contributions from New Partner Nations

Each new partner brings unique contributions to BRICS. For instance, Nigeria, Africa's largest economy, offers substantial natural resources, while Uzbekistan and Algeria enhance the group's economic diversity with their mineral and energy capacities.

Impact on Global Economics and Politics

The expansion of BRICS strengthens its role as a prominent global economic bloc, which may rival the influence of the G7. This shift supports a more multipolar world order and allows for diversified global economic policies.

Future Initiatives from New BRICS Partnerships

Future initiatives may include the establishment of a BRICS-led development bank and innovations in financial systems that aim to foster sustainable growth and equitable resource distribution among member and partner countries.

Current Status of Argentina and Saudi Arabia

Argentina has declined the offer to join BRICS, while Saudi Arabia remains undecided. As stated, “A great journey is made one step at a time.” — Thiruvalluvar

Frequently Asked Questions (FAQs)

Q1. What is the main goal of BRICS?
Answer: BRICS aims to foster cooperation among its member nations to create an alternative governance structure that is less influenced by Western powers, promoting mutual economic growth and geopolitical balance.

Q2. How many new countries joined BRICS in 2024?
Answer: Thirteen new partner countries were welcomed into BRICS during the summit in October 2024, reflecting the organization's commitment to expanding its global influence.

Q3. What are the implications of BRICS's expansion for global politics?
Answer: The expansion of BRICS enhances its position as a significant global economic bloc and supports a more multipolar world order, challenging the dominance of established Western powers.

Q4. Why is Nigeria's inclusion in BRICS important?
Answer: Nigeria, as Africa's largest economy, contributes substantial natural resources to BRICS, bolstering the organization's economic diversity and regional representation.

Q5. What future projects can BRICS expect from these partnerships?
Answer: BRICS may focus on establishing a development bank and innovating financial systems to support sustainable growth and equitable resource distribution among its members and partners.

UPSC Practice MCQs

Question 1: What does BRICS stand for?
A) Brazil, Russia, India, China, South Africa
B) Brazil, Russia, Italy, Canada, South Africa
C) Brazil, Rwanda, India, China, Spain
D) Brazil, Russia, India, Chile, South Africa
Correct Answer: A

Question 2: When was the 16th BRICS summit held?
A) October 2023
B) October 2024
C) July 2024
D) November 2024
Correct Answer: B

Question 3: Which country is the largest economy in Africa that joined BRICS?
A) Algeria
B) Nigeria
C) Egypt
D) South Africa
Correct Answer: B

Question 4: How many new partner nations were added to BRICS in 2024?
A) 10
B) 11
C) 12
D) 13
Correct Answer: D

Question 5: Which country declined the offer to join BRICS in 2023?
A) Argentina
B) Saudi Arabia
C) Egypt
D) Iran
Correct Answer: A

Question 6: What is a potential initiative for BRICS to pursue?
A) Establishing a multinational military
B) Creating a BRICS-led development bank
C) Forming a trade agreement with G7
D) Hosting the Olympics
Correct Answer: B

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