A man stands near a welcoming installation outside the Sandton Convention Centre, the venue of the 15th BRICS Summit, in Johannesburg, South Africa, on Aug. 21. Photo: CFP

Scholars have hailed the decision to admit new members into BRICS, which was announced at a special news conference during the 15th BRICS Summit in Johannesburg, South Africa, concluded on Aug. 25. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates were invited and are set to become full members of the emerging-market bloc effective Jan. 1, 2024. 

Increasing appeal of BRICS

The expansion of BRICS represents a landmark event, both in terms of China’s diplomatic practices and for the member states of the BRICS cooperative mechanism. The increasing appeal of BRICS can be attributed to the fruitful results the group has achieved in recent years. 

Since its inception, BRICS has been committed to addressing the fundamental challenge of common development. During each annual summit, member states consistently center on key issues including global financial governance reform, grain security and agricultural cooperation, sustainable development, and inclusive growth. 

According to Zhao Chenguang, deputy director of the Center for African Studies at China Foreign Affairs University, BRICS has emerged as a crucial driver and cornerstone of global economic growth. It has increasingly assumed a prominent role in global governance and has been instrumental in advancing the establishment of international multilateral systems.

The expansion of BRICS membership is a dynamic and reciprocal process that is intertwined with China’s pivotal role as a key participant and facilitator of the BRICS mechanism. In 2017, China proposed the “BRICS Plus” cooperative model, demonstrating its commitment to fostering broader partnerships between BRICS nations and emerging economies as well as developing countries. In the same year, China actively contributed to enhancing the mechanism, transforming it from a framework primarily focused on politics and the economy into a comprehensive architecture encompassing political security, economic, trade and financial cooperation, as well as cultural and people-to-people exchanges.

In terms of political security, various dialogues have been established within BRICS, including the “BRICS Plus” foreign ministers’ meetings, and meetings of BRICS high representatives for security issues. In the realm of economy, trade, and finance, member states have inked important documents such as the Strategy for BRICS Economic Partnership 2025 and the BRICS Action Plan on Economic and Trade Cooperation, which serve to buttress the effective functioning of the BRICS New Development Bank (NDB). Cultural and people-to-people exchanges involve the BRICS media forum, the technical and occupational education and training alliance, and the joint science and technology research collaborative program. 

Chen Xulong, a professor of international relations at the University of International Business and Economics, said that the tripartite model proposed by China has provided robust support for BRICS cooperation. This model has played a crucial role in the ongoing advancement of the cooperative mechanism, enhancing its comprehensiveness and expanding the range of pragmatic cooperation among member states.

According to Anil Sooklal, coordinator of South Africa’s BRICS affairs, more than 40 countries have expressed their interest in joining BRICS, among which 23 have already applied.

Fast and effective expansion

In contrast to the lengthy expansion processes observed in other international cooperation mechanisms, the six new members of BRICS were unexpectedly admitted simultaneously. Yu Guoqing, a research fellow from the Institute of West Asian and African Studies at the Chinese Academy of Social Sciences (CASS), noted that the BRICS expansion has been more efficient and has had a more significant impact. It not only gave full consideration to the will of the applicant states and agreed that they join together, but also demonstrated a faster expansion process. This also reflects the more flexible and efficient expansion mechanism of BRICS, Yu said. 

Regarding the six new members, Zhao said that they are all regionally representative, with each being an important force within their own region in global economic development. The decision to select the six countries embodies BRICS’s inclination to strike regional balances while considering the new members’ representativeness regionally and globally. It will also serve as a reference and foundation for future membership expansions. 

Greater promise 

It is estimated that following the new member enrolment, the collective territory of the BRICS countries will account for nearly 35% of the world’s total, up from 26.64%. In terms of population, the ratio to the world’s total will rise from nearly 42% to nearly 46%. According to economic data of 2022 released by the World Bank, the global proportion of the BRICS nations’ combined GDP will increase from 25.77% to 28.99% following the expansion. 

The admission of new members is expected to bring about a new development impetus for BRICS. From an economic cooperation perspective, participating countries are highly complementary in economic development, particularly in terms of global value chains, industrial chains, and markets. At a monthly economic seminar on the theme of “BRICS summit and exchange and cooperation” held by the China Center for International Economic Exchanges on Aug. 25, Yang Baorong, head of the Department of Economics at the China-Africa Institute under CASS, said that the United Arab Emirates and Saudi Arabia have been adamant supporters of developing new energy industries and emerging technologies. After joining BRICS, they can leverage their respective advantages to intensify collaboration in related fields. 

Financial cooperation within the BRICS framework is another important area of focus. New members such as the United Arab Emirates and Saudi Arabia, which possess substantial sovereign wealth funds, are expected to greatly enhance future fund cooperation within the NDB.  

Looking forward, Zhong Feiteng, head of the Department of Great Power Relations Studies at the National Institute of International Strategy, CASS, pointed out that this BRICS expansion conforms to the inevitable rise of emerging economies and developing countries. He predicted that emerging fields like the digital economy and green development will likewise provide new opportunities of pragmatic cooperation for the expanded bloc. 

Edited by CHEN MIRONG