BRICS

Context

Argentina has formally rejected the invitation to join the BRICS (Brazil, Russia, India, China, South Africa) group of major emerging economies.

BRICS

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.

Initial Formation (2001-2009):

• The concept of BRICS emerged in 2001 with Goldman Sachs’ economist Jim O’Neill coining the acronym to identify four rapidly growing emerging economies: Brazil, Russia, India, and China.
• Although informal initially, these countries began holding regular meetings and summits starting in 2006.
• The first official BRIC summit was held in Yekaterinburg, Russia, in 2009, solidifying the grouping’s presence on the global stage.

Expansion and Redefinition (2010-2023):

• In 2010, South Africa joined the group, leading to its new name, BRICS.
• This period saw increased cooperation among member nations in areas like trade, finance, technology, and cultural exchange.
• BRICS also began advocating for reforms in international institutions like the IMF and World Bank, seeking to give emerging economies a greater say in global governance.

Recent Expansion and Future (2023-present):

• At the 15^th BRICS Summit in 2023, South Africa announced the invitation of six new countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• This significant expansion opens up new possibilities for cooperation and raises questions about the future direction of BRICS.
• Some see it as a sign of BRICS’ growing influence and ambition to reshape the global order, while others express concerns about the group’s coherence and effectiveness with such a diverse membership.