BRICS Summit added new members and expanded the bloc’s influence

At the 15th BRICS summit, six countries were accepted to join the BRICS as of January 2024. The countries chosen were Saudi Arabia, United Arab Emirates, Argentina, Iran, Ethiopia and Egypt.

Although there were numerous applications from countries such as Venezuela, Cuba, Bolivia, Kazakhstan, Bangladesh and Vietnam, these were left pending for further formalities and procedures.

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Six new members

Although a small group has joined in relation to the number of applications received, the countries included are of undeniable importance. Some of them are among the most populated on the planet, such as Ethiopia, with 126 million inhabitants and ranked 11th in the ranking of the most populated countries on the planet; Egypt, with 111 million inhabitants and ranked 14th; and Iran, with 88 million and number 21 in population. According to the portal Population Pyramids of the World from 1950 to 2100 – PopulationPyramid.net

The new partners also include several countries that have a large surface area and are among the thirty largest in the world. Examples are Argentina (2,780,000 square km), Algeria (2,380,000), Saudi Arabia (2,149,000), Egypt (1,001,000), Iran (1,145,000) and Ethiopia (1,104,000), the latter country being similar in size to Colombia. Undoubtedly, from a purely geographical point of view, these are important additions.

In addition to the population and geographic importance of several new partners, some, such as the United Arab Emirates and Saudi Arabia, are among those with high GDP per capita, with USD $53,757 and USD $30,463, respectively, according to the Statista portal. This is important, as it means that the population has a high purchasing power.

Furthermore, according to RT, the GDP of Russia, China, South Africa, India and Brazil combined is USD $27.6 trillion, to which USD $2.05 trillion will be added from the new members.

On the energy issue, it is worth mentioning that the main BRICS countries contribute 39% of the world’s oil production, according to Datosmacro. In addition, the alliance between Russia, the United Arab Emirates and Iran, three of the world’s largest oil producers, may be decisive in the management of the world oil market.

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The BRICS summit could have an impact on the de-dollarization of the world economy.

The strength of the group is visible not only in its members – counting the new ones – but also in the dozens that are in line to join, including Venezuela, Cuba, Bolivia, Kazakhstan, Bangladesh and Vietnam, among others.

It is foreseeable that the BRICS countries will deepen their economic ties, mark a route to increase their trade exchanges in their own currencies and set a course for the de-dollarization of their economies.

The geopolitical significance of the BRICS Summit that culminated is of great transcendence, since they are distanced from the policies of the United States and NATO, and oscillate between an open confrontation with the main Western powers and a certain neutrality and non-alignment in the main world conflicts.

Future prospects after the BRICS Summit

Beyond its quantitative importance, the BRICS summit had an important geopolitical and economic significance.

In the future, the BRICS will have great geopolitical importance on the African continent, which is experiencing a period of effervescence and discontent mainly in the Sahel, the strip that crosses the center of Africa, between the Sahara desert and the jungle zone.

There, the presence of European powers, mainly France, is being questioned, and Russia is seen as a military ally and China as an economic partner.

As for Asia, this continent is the main epicenter of the BRICS because of the influence of China, Russia and Iran. The joint action of the BRICS has become a magnet for countries such as Turkey, Pakistan, Azerbaijan, Afghanistan, Afghanistan and Iraq.

Europe is going through a time of crisis, as it has had to bear the brunt of the war in Ukraine. In addition, the rift between Germany and Russia, the distancing from China – Europe’s main trading partner – and the relocation of factories to the United States could have devastating consequences.

In Latin America, there will already be two important countries within the BRICS and several others on the threshold, such as Bolivia, Cuba, Venezuela and Honduras, which means that any expectation of regional integration will have to take global geopolitics into account.

The enlarged BRICS will have great importance in the oil, wheat, fertilizers and minerals markets in general, but with the decisions of the meeting they will position themselves in artificial intelligence, medicines and robotics, among other areas.

The BRICS Summit issued a 24-page declaration, which highlights the support to national development projects, the reform of the architecture of multilateral organizations, the institutional development of that organization and the creation of cooperation programs in multiple fields.

Colombia was invited to this summit, but the government did not make a statement on the matter, and the BRICS groups together markets that have been little exploited by Colombian exporters, which could be of great importance in reaching new markets, diversifying economic and diplomatic relations, and expanding the export basket.

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