The BRICS Coalition is Close to Expanding its Membership, Insider Reports
An insider has revealed that the economic coalition of BRICS (Brazil, Russia, India, China, and South Africa) is nearing an agreement to expand its membership in response to growing interest from other nations. South Africa’s Ambassador to BRICS, Anil Sooklal, stated that the criteria for expanding the group is already in place, with discussions taking place at a summit in Johannesburg.
Key Points:
- BRICS’ foreign ministers are expected to make a statement on the expansion at the summit.
- Areas of convergence have been identified, including guiding principles, standard criteria, procedures for expansion, and models of expansion.
- There are still some provisions to be agreed upon, particularly regarding the global multilateral architecture.
- Up to 44 countries, including Saudi Arabia, Argentina, and Iran, have shown interest in joining BRICS.
- The decision on the type and number of countries to be added to the coalition will be made by the leaders.
According to Sooklal, the focus on expanding BRICS began after last year’s summit in China, where criteria and modalities for expansion were discussed. While the final decision lies with the foreign ministers, reports suggest that a significant number of countries are keen to join the coalition. The leaders are expected to make a pronouncement on the expansion at the summit.
Hot Take:
The potential expansion of the BRICS coalition reflects the growing global interest in joining this influential economic group. By expanding its membership, BRICS could further enhance its economic and political influence, while also promoting collaboration and cooperation among member countries. This move has the potential to reshape the global economic landscape and create new opportunities for participating nations.
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