BRICS, the economic block comprising Brazil, Russia, India, China, and South Africa, is developing guidelines to cater to the rising interest of countries wanting to join the group. According to South Africa’s Minister of International Relations and Cooperation Naledi Pandor, BRICS is attracting a lot of interest from several countries, and the sherpas are handling the concept of how the group can respond to this interest. Pandor further highlighted the importance of establishing influential alliances to foster global cooperation and collaborate with the United Nations, which will accelerate an inclusive and forward-looking international development agenda. This year, South Africa holds the BRICS Presidency, after the country took over from Brazil in 2020.
The Growing Interest in BRICS Highlights the Increasing Demand for a Multipolar Forum
The Economic bloc has also been focused on expanding the group’s global influence. The group is getting applications to join every day, according to Anil Sooklal, South Africa’s ambassador to the BRICS group. He mentioned that thirteen countries had already formally asked to join, and another six had requested informally. Some of the countries that have expressed interest in joining include Saudi Arabia and Iran. Pandor added that the increasing interest in the alliance shows that many countries are looking for a modern, inclusive, and multipolar forum that focuses on the common good.
South Africa also acknowledged the imperative need for influential alliances in driving inclusive and forward-looking international development. The BRICS group has the potential to fulfil that transformative role. Pandor said that South Africa’s partnership with BRICS has resulted in tangible benefits in several sectors. She noted that South Africa’s total trade with BRICS countries increased from $25 billion in 2017 to $36 billion in 2021. In addition, she noted the country secured more than $5 billion in funding from the group’s New Development Bank (NDB) for essential infrastructure projects in renewable energy, water, and other sectors.
Creating a Common Currency to Reduce Reliance on US Dollar
The BRICS group is working towards creating a common currency that will help its members reduce reliance on the US dollar. The topic is expected to be discussed at the BRICS leaders’ summit in August. Many countries around the world are wary of the US dollar’s dominance in international trade and business transactions. As a result, various countries are seeking alternatives to challenge the dollar’s grip on the world economy.
The Role of BRICS in Fostering Global Economic Integration
BRICS has played a significant role in the global economic landscape since its establishment in 2006. The group has been instrumental in fostering trade and investment among its member countries, which have a combined GDP of $18 trillion or roughly 23% of the world’s GDP. The group also provides a platform for the member countries to align their interests on various global issues, such as climate change, cybersecurity, and the need for international economic growth.
BRICS countries are already moving ahead with the development of a digital currency. China, which is part of the group, has already launched its digital currency, and Russia is working towards developing its digital ruble. These digital currencies will help to reduce reliance on traditional fiat currencies, which will make economic transactions faster, cheaper, and more secure.
Conclusion
The BRICS countries are developing guidelines in response to increasing demand from countries seeking to join the group. BRICS is attracting a lot of interest from several countries that are looking for a modern, inclusive and multipolar forum that focuses on the common good. The economic bloc is working towards creating a common currency that will help its members reduce reliance on the US dollar. BRICS has played a significant role in the global economic landscape since its establishment in 2006 and is expected to continue to play a transformative role in international development and economic integration.
