Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / World News / Why 40+ countries want to join BRICS
    Next Article
    Why 40+ countries want to join BRICS
    Over 40 countries are lining up to join BRICS bloc

    Why 40+ countries want to join BRICS

    By Manzoor-ul-Hassan
    Aug 22, 2023
    03:09 pm

    What's the story

    BRICS—a coalition of large emerging economies comprised of Brazil, Russia, India, China, and South Africa—reportedly aims to expand nearly 22 years after its inception.

    Around 40 nations, including Argentina, Iran, Saudi Arabia, and the United Arab Emirates (UAE), have expressed interest in joining the group in order to diversify their economies and strengthen ties with BRICS members.

    Notably, the group accounts for almost 31.5% of the global Gross Domestic Product (GDP) and functions as a check on Western geopolitical influence.

    Agenda

    Expansion plan high on agenda for BRICS Summit 2023

    The BRICS Summit reportedly aims to foster collaboration among member countries in various sectors, including trade, investment, and sustainable development.

    The event, from Thursday to Friday, will also discuss the group's expansion plans.

    Other important issues that are reportedly on the agenda are de-dollarization and the Russia-Ukraine crisis.

    Meanwhile, Chinese President Xi Jinping, Prime Minister Narendra Modi, Brazil's Lula da Silva, and South Africa's Cyril Ramaphosa will gather in Johannesburg. They will be joined by Russian President Vladimir Putin virtually.

    You're
    16%
    through

    Countries

    Countries who want to join BRICS 

    South Africa's BRICS ambassador, Anil Sooklal, confirmed that Indonesia, Saudi Arabia, UAE, Iran, Argentina, Cuba, Nigeria, Venezuela, Thailand, and Vietnam were among the countries seeking to join the BRICS collective, Bloomberg reported.

    Separately, he said 22 countries have formally approached BRICS countries to become full members.

    "There's an equal number of countries that have been informally asking about becoming BRICS members," Sooklal said.

    You're
    33%
    through

    Details

    Member nations divided on expansion plans

    China and Russia are enthusiastic about expanding BRICS membership to boost their global influence.

    However, India and Brazil remain skeptical. India fears that their influence will be diluted and that the bloc will become China-dominated.

    Whereas Brazil argued that new members should be admitted transparently and based on a consensus among existing members.

    You're
    50%
    through

    Reasons

    Reasons for countries wanting to join BRICS

    According to geopolitical analysts, BRICS is a globally influential bloc, with its member nations outperforming the Group of Seven (G7).

    The five existing BRICS countries account for almost 31.5% of global GDP, compared to 30.7% for the G7.

    Furthermore, with 3.14 billion people, BRICS nations account for 41% of the world's population.

    This obviously demonstrates the BRICS countries' power and importance, according to The Economist, adding that they are also considered a powerful counterweight to Western influence.

    You're
    66%
    through

    What Next?

    New Development Bank's growing popularity, influence

    The New Development Bank (NDB), founded by BRICS in 2014, is another reason why countries are expressing a strong wish to join BRICS.

    Since its founding, the bank has financed nearly 100 projects worth $34 billion in core infrastructure sectors.

    This financing has attracted countries seeking alternative credit sources and serves as a counterweight to Western-dominated financial institutions like the World Bank (WB) and International Monetary Fund (IMF).

    You're
    83%
    through

    Insights

    Expansion hurdles and BRICS' future prospects

    Despite the interest of many countries in joining BRICS, expansion remains uncertain due to differing opinions among current members.

    India and Brazil's concerns about transparency and maintaining a balanced approach may hinder the bloc's growth.

    The future of BRICS expansion will depend on finding common ground among its members and ensuring that the organization remains cohesive and effective.

    Done!
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    BRICS
    China
    United Arab Emirates
    Xi Jinping

    Latest

    Phil Salt slams his 9th IPL fifty, surpasses 50 sixes Indian Premier League (IPL)
    IPL 2025, SRH beat RCB: How the Impact Players fared Indian Premier League (IPL)
    IPL 2025, all-round SRH overcome RCB in Lucknow: Key stats Abhishek Sharma
    Abhishek Sharma completes 4,000 runs in T20 cricket: Key stats Abhishek Sharma

    BRICS

    Upcoming budget could turn India's school education crisis into opportunity India
    Modi embarks upon Europe visit, makes first stop in Germany India
    PM Modi in Russia: Agreement on Kudankulam to be finalized India
    There's no good or bad terrorist: India at BRICS meet India

    China

    Where India stands among world's most powerful militaries India
    China's methane-powered rocket aims to make historic orbit journey Space News
    UN lauds India for lifting 415 million out of poverty United Nations (UN)
    China: Kindergarten teacher executed for poisoning 25 students, killing 1 World

    United Arab Emirates

    Dubai: Fiery explosion on container ship sends tremors across city Dubai
    Ghani shares video, says he would've been hanged in Afghanistan Afghanistan
    'Bell Bottom': Saudi Arabia, Qatar ban Akshay Kumar's espionage thriller Akshay Kumar
    Heard of gold Vada Pav? Dubai restaurant is serving one Dubai

    Xi Jinping

    Potential 'crimes against humanity' on Uyghur Muslims in China: UN Beijing
    Amid coup rumors, Xi Jinping among 'elected' CPC Congress delegates China
    China: Fresh restrictions grip Shanghai as COVID-19 cases rise Shanghai
    Control over Hong Kong, determined on Taiwan: China President Jinping China
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025