BRICS expands with 9 new partner countries. Now it's half of world population, 41% of global economy
by Geopolitical Economy Report
📚 Main Topics
Expansion of BRICS Membership
- Founded in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010.
- In 2024, Egypt, Ethiopia, Iran, and the UAE became full members.
- 13 additional countries invited to join as partner countries, with 9 accepting the invitation by January 2025.
Geopolitical Significance
- BRICS now includes 18 members and partners, representing over 41% of the global economy and nearly half of the world’s population.
- The organization is gaining influence in Asia and Africa, with potential future members from Algeria, Nigeria, Turkey, and Vietnam.
Economic Powerhouse
- BRICS countries are major players in global commodity markets, including oil, food production, and critical minerals.
- They produce significant amounts of cereals, meat, and energy resources, making them vital to global supply chains.
Alternative Financial Systems
- BRICS is working towards creating alternatives to the US dollar-dominated financial system.
- Initiatives include local currency trading, new investment platforms, and alternatives to the SWIFT system.
Global Food and Energy Production
- BRICS countries dominate global production of key agricultural products and energy resources.
- China leads in renewable energy investments, significantly outpacing other nations.
✨ Key Takeaways
- Diverse MembershipThe expansion of BRICS reflects a growing coalition of developing economies seeking to enhance their global influence.
- Economic CollaborationBRICS aims to foster economic cooperation among its members, challenging Western economic dominance.
- Resource ManagementThe organization plays a crucial role in global food and energy production, positioning itself as a key player in addressing global supply challenges.
- Financial IndependenceBy promoting local currencies and alternative financial systems, BRICS seeks to reduce dependency on the US dollar and enhance economic sovereignty.
🧠Lessons
- Unity in DiversityThe collaboration among diverse nations under BRICS illustrates the potential for collective action in addressing global challenges.
- Economic ResilienceThe focus on local currencies and alternative financial mechanisms highlights the importance of economic resilience in a multipolar world.
- Strategic Resource ManagementThe emphasis on food and energy production underscores the need for strategic resource management to ensure global food security and energy sustainability.
This summary encapsulates the growing influence of BRICS as a significant player in the global economy, emphasizing its role in fostering cooperation among developing nations and challenging existing financial systems.