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Trade Dynamics

LOCATION:HOME - NEWS - Trade Dynamics

Why are more and more countries applying to join the BRICS group?

Issuing time:2023-11-03 Author: Back to list

       The BRICS countries comprise five nations: China, Russia, India, Brazil, and South Africa. After over a decade of development, the cooperation foundation among BRICS nations is increasingly solid, the scope gradually expanding, and the collaborative achievements are growing. The BRICS cooperation mechanism has gained widespread recognition and support from the international community, leading to more like-minded partners wishing to participate. According to Russian media reports, Russian Deputy Foreign Minister Ryabkov mentioned that the number of countries applying to join BRICS is continuously increasing, with nearly 20 countries currently expressing interest.

       Which countries are looking forward to joining the BRICS 'family'? Why are they so enthusiastic? When will the expansion of BRICS countries be put on the agenda?

        Bangladeshi Prime Minister Hasina and South African President Ramaphosa met in Geneva, Switzerland, where Bangladesh subsequently submitted an application. On the same day, Russian Ambassador to Egypt, Borisenko, stated that Egypt has formally applied to join the BRICS cooperation mechanism and is very interested in 'de-dollarization.'

        According to a report from Japan's "Daily News," countries recently submitting applications for joining include Iran and Argentina. Furthermore, oil-producing countries such as Saudi Arabia, the United Arab Emirates, and Nigeria have also applied. Once these countries are approved for inclusion, it signifies that the BRICS cooperation mechanism will cover over half of the world's oil and natural gas resources, significantly boosting its influence.

At the end of May this year, after a meeting with Brazilian President Lula, Venezuelan President Maduro informed the media that the BRICS countries are attracting those seeking peace and cooperation worldwide. Venezuela "hopes to become a part of the BRICS countries in an appropriate manner."

As an essential platform for cooperation among emerging market countries and developing nations, the BRICS countries are committed to upholding multilateralism, actively promoting the reform of global governance systems, and enhancing the representation and voice of emerging market countries and developing nations. They have become a proactive, stable, and constructive force in international affairs.

The Spanish newspaper, "El Levante," raised a question on the 10th of this month: why are so many developing countries interested in joining the BRICS?

The report points out that many countries have grown tired of the fact that the United States has dominated the world's economy and enforced dollar transactions for decades. Non-compliance with White House directives could lead to sanctions and economic and financial extortion. In contrast, the BRICS countries maintain an open attitude towards assisting countries in their development, promoting investment, and trade, without imposing prerequisites.

Valeriya Golbacheva, the head of the Multilateral Strategic Project Development Management Department at the Russian Presidential Academy of National Economy and Public Administration, wrote that the primary mission of the BRICS countries is to be the advocates for the interests of developing countries. The goals and values of the BRICS countries align with those of the majority of the world's countries. This implies that the expansion of the BRICS countries is a matter of time.

         When answering questions at a routine press conference on May 31, Chinese Foreign Ministry spokesperson Mao Ning said, "China has always advocated that the BRICS countries are an open and inclusive mechanism, supporting the BRICS expansion process, and welcoming more like-minded partners to join the BRICS 'family' at an early date."

         Peskov mentioned that Russia is pleased to see an increasing number of countries expressing a strong interest in the BRICS. Russian Foreign Minister Lavrov stated that the number of countries "lining up" to join the BRICS and the Shanghai Cooperation Organization indicates the increasing importance of these organizations.

          In an interview with TASS, Molekane, South Africa's permanent representative to international organizations in Vienna, mentioned that if other countries are willing to join the BRICS cooperation mechanism, the BRICS countries will be happy to welcome new members.