The group of emerging economies known as bricks makes up more than 40 percent of the world’s population and a quarter of the global economy and more countries want to join the club which aims to challenge a world order seemed to be dominated by the U.S and its Western allies
But what exactly is bricks who wants in and why underscoring the growth potential of Brazil Russia India and China a chief Economist at Goldman Sachs came up with the brick acronym in 2001. the group was founded as an informal Club in 2009 its creation initiated by Russia South
Africa joined the following year it’s the smallest member in terms of economic clout and population Brix is not a formal multilateral organization like the UN or World Bank its leaders usually get together annually with each Nation rotating through a one-year chairmanship of the group the block operates by consensus apart
From geopolitics the group’s Focus includes economic cooperation and increasing multilateral trade and development and that’s attracting others this year’s chair South Africa says over 40 countries have expressed interest in joining Iran has said it hopes the club will pin down the new membership process as soon as possible oil heavyweight
Saudi Arabia has the backing of Russia and Brazil and Argentina says it has China’s support one of Africa’s fastest growing economies Ethiopia says it’s asked to join Bolivia appears interested too in July the country turned to the Chinese one saying it wanted to crib dependence on the US dollar for foreign trade
That move aligns with brix’s stated aim this same month Algeria said it applied for membership and to become a shareholder in the so-called brics bank or new development Bank still current members are divided over expansion China wants the group to get bigger as it tussles with the U.S over trade and geopolitics
South Africa and Russia which hopes to thaw its diplomatic isolation over the Ukraine war are also Keen to see the group grow but Brazil is more skeptical and India is undecided
The BRICS group of major emerging economies – Brazil, Russia, India, China and South Africa – will hold its 15th heads of state and government summit in Johannesburg between Aug. 22 and Aug. 24.
Follow The Globe and Mail
Instagram:
Twitter:
Facebook:
