The rise of the BRICS club continues to attract attention and provoke many thoughts. With the announcement of the accession of six new countries – Iran, Argentina, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates – the BRICS club is strengthening its influence and weight on the world stage.
The news was made public during the 15th BRICS summit held in Johannesburg, South Africa. From January 1, 2024, these six countries will officially join the club, bringing the total number of members to 16.
The expansion of the BRICS is accompanied by impressive figures. In terms of area, the club will now represent 48.5 million square kilometers, or 36% of the world’s area. This is more than double that of the group of G7 countries. This territorial extension bears witness to the growing geographic influence of the BRICS.
In terms of population, the BRICS will now represent around 3.6 billion people, or 45% of the world’s population. This makes the BRICS a major player with a considerable demographic mass. These countries have the potential to shape the political, economic and social future of the planet.
In terms of natural resources, the BRICS also have a significant advantage. They hold 44.35% of the world’s oil reserves, which strengthens their position in the energy field.
Moreover, the BRICS have a significant share in the world production of metals necessary for high technologies. They represent 79% of aluminum production and 77% of palladium production. These figures testify to the capacity of the BRICS to respond to the demands of the world market in terms of strategic resources.
However, despite these impressive numbers, the BRICS still face some challenges. BRICS exports currently account for 23.4% of the global total, while the G7 group accounts for 28.8%. There is therefore still room for improvement for the BRICS in terms of exports and competitiveness on the international market.
The expansion of the BRICS with the accession of new members strengthens their position as an emerging economic force and an alternative to Western countries. The club’s stated ambitions, such as the de-dollarization of the world economy, the possible adoption of a common currency and the strengthening of their political influence, testify to their desire to challenge Western hegemony.
It will be interesting to follow the future developments of the BRICS club and see how their expansion will influence the global economic and political balance. If they succeed in consolidating their position and overcoming the challenges ahead, the BRICS could well become the essential actors of the 21st century