Despite lack of cohesion among BRICS members, many countries are interested in getting BRICS membership in order to help their economies sustain in the current global financial system.
A world order dominated by the US and its allies has prompted BRICS countries to hold a summit and positively welcome expansion. The dialogue will be held in Johannesburg and its purpose is to rebalance the world order and challenge the US hegemony. It was formed in 2009 by Russia, and its members include Brazil, Russia, India, China and South Africa. The bloc is home to 40% of the population and accounts for a quarter of global GDP. However, their goals might result in failure.
Russian President Vladimir Putin was not permitted to attend the summit due to ICC’s arrest warrant against him and South Africa’s obligation towards the Rome Statute. Brazil and India fear that adding an Anti-Western agenda in the bloc might sow a seed of discontentment against them in the Western world. India also fears China’s rising influence as it considers BRICS a bridge to achieving a multipolar world order. India and Brazil emphasized on reaching a consensus for admissions criteria before expanding the bloc. These conflicting interests might thwart the group from achieving its goals.
Other countries have shown willingness to join the group. Around 40 countries have shown interest, and 23 countries have applied to become a part of it. Due to the risk of economic sanctions in the current financial system, states have expressed their willingness. Saudi Arabia, Iran, UAE, Argentina, Indonesia, Egypt and Ethiopia have applied for its membership primarily with Russia and China’s support. The group, has been successful in creating a bank; known as New Development Bank. The group claims to be the voice of the Global South and wishes to establish a new global financial order.
In a speech at the start of the BRICS summit, Chinese President Xi Jinping stated, “China had no wish to engage in great power competition or create “bloc confrontation”. “He called for an expansion of the BRICS grouping of emerging economies to build a more just and equitable international order, insisting “hegemonism is not in China’s DNA.”
Additionally, while sitting next to President Xi Jinping, South African President Cyril Ramaphosa, supported China’s view on expansion and stated, “We share your view President Xi that BRICS is a vitally important forum which plays an important role in the reform of global governance and in the promotion of multilateralism and cooperation throughout the world“.
The presence of Collective interests and multilateralism among the members would play a pivotal role in becoming the voice of the Global South and in helping them sustain their economies in a Western-established world order.
