The acronym BRIC was coined by economist Jim O’Neill in 2001, while working at Goldman Sachs, to refer to Brazil, Russia, India and China as the countries whose economies are expected to dominate the market in 2050.
In the years since that first meeting, the group has evolved into a cohesive geopolitical bloc, whose governments meet annually in formal summits and coordinate multilateral policies. After the accession of South Africa in 2010, it was renamed BRICS.
Among the bloc’s goals are creating a more inclusive world order and using local currencies in international trade instead of the US dollar. They also seek to establish their own bank, the New BRICS Development Bank, as an alternative to the International Monetary Fund (IMF) and the World Bank, institutions that are perceived as continuing the ambitions of the West.
Likewise, a proposal to build an underwater communications system that will connect the member countries, known as the BRICS Cable, stands out. This initiative was motivated in part by the espionage of the United States National Security Agency on all telecommunications that entered and left the territory.
On the other hand, in 2023, the BRICS countries committed to studying the viability of a new common currency, as well as fair international trade and the reduction of transaction costs.
New members
In recent years, the group has been open to expanding the block. In turn, several countries expressed their intention to join due to their potential for influence and collaboration on issues of global interest.
At the end of 2023, BRICS admitted new members: Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. Since then, it has been known as “BRICS+” (Brics Plus).
Argentina was also considered for inclusion, although its new president, Javier Milei, withdrew his membership.
Currently, a total of 15 countries have formally applied to join the group: Algeria, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Kazakhstan, Kuwait, Pakistan, Senegal, Thailand, Venezuela, Vietnam and Yemen.
In addition, at least 25 other countries expressed their interest in the organization, including: Angola, Cameroon, Colombia, Comoros, DR Congo, Gabon, Guinea-Bissau, Guyana, Indonesia, Jamaica, Libya, Burma, Nicaragua, Qatar, Sri Lanka , Sudan, Suriname, Serbia, Syria, Tunisia, Somalia, Uganda and Zimbabwe.
However, some internal challenges remain. For example, India and China maintain border tensions in the Himalayas; Egypt and Ethiopia have disputes over a dam on the Nile, and there are rivalries between Iran and Saudi Arabia for regional leadership.
The BRICS group reflects a diversity of positions, with some members aligned with the United States and others with a more critical position towards the West. The coherence and effectiveness of this alliance will be tested in October this year, when Russia hosts the leaders of the other members of the bloc at a key meeting.
Will Türkiye join the BRICS?
Türkiye has long set its goal to boost cooperation with BRICS members.
The president of Russia, Vladimir Putin, positively valued Ankara’s approach to the group.
“We welcome Türkiye’s interest in the work of the BRICS. Of course, we will firmly support this desire to be together with the countries of this association, to be together, closer, to solve common problems,” Putin said during a meeting which he had with the Turkish Foreign Minister, Hakan Fidan, this Monday in Moscow.
Also, Putin emphasized the need for deeper interaction between the BRICS countries and their respective regions, considering it crucial to effectively adjust their actions in the international arena, both in terms of security and economic interaction.
