Exciting Times for BRICS, These Middle Eastern Countries to Join the Group – Part One
Six counties will join BRICS, of which four are Middle Eastern. With BRICS expanding itself, is it the beginning of good times for the “Global South”?
Before we get into the subject of BRICS expanding itself, let us explore the meaning and the history of its foundation.
What is BRICS?
BRICS is the acronym given to the grouping of the fastest developing economies of the world. Jim O’Neill, an economist at Goldman Sachs, first coined the term in 2001 as BRIC.
Initially, it was a grouping of four countries namely, Brazil, Russia, India, and China. With the inclusion of South Africa in 2010, the group was renamed as BRICS.
While the group was initially formed as a collaborative unit to find investment opportunities, later, it became a formal intergovernmental organization. The group has now turned more into a geopolitical bloc. The group meets every year to coordinate and identify improvements in various multilateral policies.
The evolution of BRICS
The first summit of BRIC was held in Yekaterinburg, Russia on June 16, 2009.
An article published on BRICS 2021 mentions the following:
“BRICS is an important grouping bringing together the major emerging economies from the world, comprising 41% of the world population*, having 24% of the world GDP* and over 16% share in the world trade*. BRICS countries have been the main engines of global economic growth over the years. Over a period of time, BRICS countries have come together to deliberate on important issues under the three pillars of political and security, economic and financial and cultural and people to people exchanges.”
The group has pledged on investing billions of dollars to strengthen their economies.
Wikipedia says:
“The BRICS Forum, an independent international organization encouraging commercial, political, and cultural cooperation among the BRICS nations, was formed in 2011. In June 2012, the BRICS nations pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). However, this loan was conditional on IMF voting reforms.[40] In late March 2013, during the fifth BRICS summit in Durban, South Africa, the member countries agreed to create a global financial institution intended to cooperate with the western-dominated IMF and World Bank. After the summit, the BRICS stated that they planned to finalize the arrangements for this New Development Bank by 2014. However, disputes relating to burden sharing and location slowed down the agreements.”
In the next episode, we will explore various Middle Eastern countries that will become a part of the BRICS.
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