The Original BRICS Club
First coined in 2001 by an economist to identify promising emerging markets, the acronym BRIC (Brazil, Russia, India, and China) quickly evolved into a geopolitical forum. The first leaders' summit was held in 2009, creating a platform for these non-Western
powers to coordinate on global issues. With the addition of South Africa in 2010, the group became BRICS, representing a significant share of the world's population and economy, and aiming to amplify the voice of developing nations. For years, its structure remained unchanged, a strategic partnership focused on reforming global financial and political governance.
The Johannesburg II Declaration
The summit in August 2023, themed "BRICS and Africa," culminated in the Johannesburg II Declaration. The landmark outcome of this agreement was the decision to invite six new countries to join the bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This was the most significant development since South Africa's inclusion and was driven by a consensus that a larger group could better represent the interests of the 'Global South' and build partnerships with countries sharing similar aspirations. The declaration also covered a wide range of topics, including calls for UN reform, strengthening trade in local currencies, and promoting peace and development.
A Bloc Transformed
Effective from January 1, 2024, the expansion dramatically altered the group's composition, though not entirely as planned. Egypt, Ethiopia, Iran, and the United Arab Emirates officially joined. However, Argentina's newly elected president reversed his country's decision to join, and Saudi Arabia announced it was still considering the invitation. Despite this, the move from five members to nine marked a pivotal shift. The group, now informally called BRICS+, transformed from a relatively cohesive unit into a more diverse and geographically widespread coalition, with a much stronger presence in Africa and the Middle East.
New Voices, New Strengths
The new members bring significant strategic assets. The inclusion of major oil and gas producers like Iran, Saudi Arabia, and the UAE drastically increases the bloc's energy clout. The expanded group now accounts for a substantial portion of global oil production. This adds immense economic weight and geopolitical leverage, particularly in energy markets. The entry of Egypt and Ethiopia, two of Africa's most populous nations, enhances the bloc's representation and influence on the continent. This expansion was not just about numbers; it was about adding strategic depth, resource control, and greater representation for regions previously on the periphery of global power structures.
Shifting the Global Balance
With its expansion, BRICS now represents about 37% of the world's GDP (in terms of purchasing power parity) and 46% of the global population. This increased heft allows the bloc to more forcefully challenge the Western-dominated global order and institutions like the IMF and World Bank. A key goal is to reduce reliance on the US dollar by promoting the use of national currencies in trade between member states. While the creation of a common currency remains a distant and complex goal, the expansion strengthens the bloc's collective push for a multipolar world where economic and political power is more evenly distributed.
India's Role in a New Era
For India, the expansion presents both opportunities and challenges. As a founding member, India has positioned itself as a 'balancing power' and a leading voice of the Global South. The inclusion of countries like the UAE, Saudi Arabia, and Egypt, with whom India has strong strategic partnerships, enhances its influence. It provides new markets and strengthens energy security. However, India remains cautious about the bloc becoming overtly anti-Western, navigating a careful path to maintain its strategic autonomy while managing the ambitions of other members, particularly China. The expanded forum gives India a larger platform to advocate for its vision of inclusive multilateralism.
