Wednesday, July 3, 2024

Saudi Arabia, Iran and Egypt among 6 new members to join BRICS economic bloc

Must Read

Saudi Arabia and Iran, along with four other nations, have been invited to become new members of BRICS next year South African President Cyril Ramaphosa revealed on the concluding day of a summit of the group convened in Johannesburg on Aug. 24.

Egypt, Argentina, the UAE, and Ethiopia are the other four countries invited to join the existing five members — Brazil, Russia, India, China, and South Africa — of the group. The move aims at reshaping the global world order and counterbalance the influence of the United States and its allies, said the group which perceives itself as a counterbalance to Western influence.

“Historic” development

Commending the expansion, Chinese President Xi Jinping deemed it a “historic” development. He had spearheaded the campaign for including new members, advocating for a broader Brics group as a means for the global south to wield a more potent voice in international affairs.

“This membership expansion is historic,” said Chinese President Xi Jinping. “The expansion is also a new starting point for BRICS cooperation. It will bring new vigour to the BRICS cooperation mechanism and further strengthen the force for world peace and development.”

The inclusion of new members compounded the group’s diversity, spanning powerful autocracies, middle-income nations, and developing democracies.

“The benefits that the latest Brics entrants will derive from their membership in the coalition remain somewhat nebulous,” remarked Margaret Myers, Director of the Asia and Latin America Program at the Inter-American Dialogue. “For now, this step appears more symbolic—an illustration of widespread support from the global south for recalibrating the global order.”

Though absent from the three-day summit due to a war crimes arrest warrant issued by the international criminal court in relation to Ukraine, Vladimir Putin gained symbolic reinforcement from Brics’ enlargement. This amplification arrived as Putin combats US-led efforts to isolate his regime and compel an end to the conflict.

MENA representation

The inclusion of Saudi Arabia, the UAE, Iran and Egypt marks the first Middle East and North Africa (MENA) representation in the group.

“We look forward to develop this cooperation to create new developmental and economic opportunities and elevate our relationship to the aspired level,” Prince Faisal bin Farhan, Saudi Arabia’s foreign minister said at the summit on Thursday.

Iran welcomes inclusion in BRICS

A senior adviser to Iran’s president on Thursday welcomed the country’s admission to the grouping.

“Permanent membership in the group of global emerging economies is considered a historic development and a strategic success for the foreign policy of the Islamic republic,” Mohammad Jamshidi wrote on X, which was previously known as Twitter.

The inclusion of Iran, also striving to evade sanctions, is seen as a triumph for Putin and Xi, contributing a more anti-Western and non-democratic dimension to the group. Their stance prevailed over the cautious approach favored by other members, who seek to portray Brics as non-aligned.

A “new scenario” for Argentina

For Argentina, grappling with severe economic challenges, membership offered a potential lifeline to extricate itself from the deepening crisis. President Alberto Fernández viewed it as a “new scenario” for the nation, heralding opportunities for market expansion, investment influx, job creation, and increased imports.

Ethiopia emerged as the sole low-income country within the group, and Prime Minister Abiy Ahmed characterized this as a momentous achievement for his nation.

“Ethiopia stands ready to cooperate with all for an inclusive and prosperous global order,” Abiy said on Twitter.

Over 40 countries showed interest

More than 40 countries had expressed interest in joining BRICS, and 23 formally applied to join the club, which already represented a quarter of the global economy and 40 percent of the world’s population. However, unanimous approval from the existing five members was required for aspiring entrants to join.

Indonesia, boasting a population of 274 million and a significant presence in Asia, also applied for BRICS membership but was not accepted.

Cyril Ramaphosa, President of South Africa, asserted that the members reached a consensus on the guiding principles, standards, criteria, and procedures governing the Brics expansion process. Nevertheless, these criteria remain undisclosed.

Beijing-centric order

Ryan Berg, Head of the Americas Program at the Center for Strategic and International Studies, perceived this as a triumph for China and Russia after years of advocacy. He highlighted that this expansion enabled China to continue building a Beijing-centric order, while Russia viewed it as a pivotal opportunity amid its isolation.

Enthusiasm for the inclusion of new members varies among existing members. Brazil and India, while rhetorically supportive of expansion, may be concerned about diluting their influence in an organization that encompasses a global heavyweight like China.

Latest

South Korea’s KAI signs $1.4 billion deal to launch mass production of homegrown KF-21 fighter jets

Nine years after the development of South Korea’s KF-21 Boramae began, the Korean government finalized a significant deal with Korea Aerospace Industries for the production of 20 fighter jets

More Articles Like This