BRICS has officially invited six more countries to join the alliance in a move which can strengthen its claim of being a ‘voice of the Global South’ on one hand, while raising concerns about China’s increasing dominance on the other. BRICS consists of Brazil, Russia, India, China, and South Africa. In its latest summit at Johannesburg, South Africa, it has invited Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia. Their membership will begin in January. The formation of BRICS in 2009 was driven by the idea that the four emerging markets of Brazil, Russia, India, and China would be the future economic powerhouses of the world. South Africa was added a year later.
#BRICSsummit #BRICSexpansion #NewBRICSnations
~HT.99~PR.153~ED.101~
#BRICSsummit #BRICSexpansion #NewBRICSnations
~HT.99~PR.153~ED.101~
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NewsTranscript
00:00 "We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the
00:10 Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom
00:19 of Saudi Arabia and the United Arab Emirates to become full members of BRICS."
00:27 BRICS has officially invited six more countries to join the alliance in a move which can strengthen
00:32 its claim of being a voice of the global south on one hand while raising concerns about China's
00:38 increasing dominance on the other.
00:40 BRICS consists of Brazil, Russia, India, China and South Africa.
00:44 In its latest summit at Johannesburg in South Africa, it has invited Iran, the United Arab
00:49 Emirates, Saudi Arabia, Argentina, Egypt and Ethiopia.
00:54 Their membership will begin in January.
00:56 The formation of BRICS in 2009 was driven by the idea that the four emerging markets
01:01 of Brazil, Russia, India and China would be the future economic powerhouses of the world.
01:07 South Africa was added a year later.
01:10 Adding new members strengthens the group's heft as a spokesperson of the developing world.
01:15 BRICS currently represents around 40 percent of the world's population and more than a
01:19 quarter of the world's GDP.
01:20 With the additions, it will represent almost half of the world's population and will include
01:26 three of the world's biggest oil producers, Saudi Arabia, the UAE and Iran.
01:31 The rush towards this alliance is driven by a few important reasons.
01:35 First, there is considerable anti-US sentiment in the world and all these countries are looking
01:40 for a grouping where they can use that sentiment to gather together.
01:44 Second, there is a lot of appetite for multipolarity, for a platform where countries of the global
01:50 south can express their solidarity.
01:53 While the economic performance of BRICS has been mixed, the war in Ukraine, which has
01:56 brought the West together on the one hand and strengthened the China-Russia partnership
02:01 on the other, has turned it into an aspiring bloc that can challenge the Western geopolitical
02:06 view and emerge as a counterweight to Western-led fora like the G7 and the World Bank.
02:12 The invitation to Iran, whose ties with the West are strained, seems to have a strong
02:16 China-Russia imprint.
02:18 The fact that regional rivals Saudi Arabia and Iran are part of the same grouping is
02:22 in itself remarkable.
02:24 China happens to be the biggest buyer of Saudi Arabia's oil and had recently brokered a peace
02:29 deal between Tehran and Riyadh.
02:31 While Saudi Arabia has traditionally been a US ally, it has been increasingly striking
02:35 out on its own and the BRICS membership is in line with that.
02:39 As far as India is concerned, she is also a part of the Shanghai Cooperation Organization
02:44 and despite problems, it has relations with Russia and with China.
02:48 While China does not want BRICS to be an anti-Western group, the Indian view is that it is a non-Western
02:54 group and should stay that way.
02:56 India has had very good relations with all the new entrants and their inclusion might
03:01 provide India with leverage against Chinese expansion.
03:03 -
03:09 you