BRICS, long considered an attractive alliance for emerging economies, is witnessing a wave of official applications from over 20 countries seeking membership by 2025. This could shift the balance of power on the global stage.
A New Wave of Interest in BRICS
BRICS is gaining increasing interest from emerging economies wishing to break away from Western-dominated financial structures. Twenty-three countries have applied for membership, including Azerbaijan, Bahrain, Bangladesh, Burkina Faso, Cambodia, Chad, Colombia, Republic of the Congo, Equatorial Guinea, Honduras, Laos, Kuwait, Morocco, Myanmar, Nicaragua, Pakistan, Palestine, Senegal, South Sudan, Sri Lanka, Syria, Venezuela, and Zimbabwe. These nations aim to reduce their dependence on the US dollar and strengthen their financial sovereignty.
Global Geopolitical Reassessment
The expansion of BRICS could significantly alter global economic and political balances. The bloc currently represents nearly 40% of the world population and a substantial share of global GDP. The prospect of creating a common currency to reduce dependence on the US dollar and facilitate intra-bloc transactions is being discussed.
Potential Challenges and Opportunities
BRICS's ambitions come with challenges such as the diverse economic profiles of candidates, which could complicate the implementation of common strategies. Geopolitical disputes among members could hinder the bloc's cohesion. However, the expansion offers opportunities for more equitable distribution of economic power among nations.
With 23 countries aiming to join the alliance, BRICS reinforces its position as a major player in global economic transformations. If these memberships succeed in 2025, it will mark a significant step toward a multipolar world with more equitable distribution of economic decision-making.
