The upcoming BRICS Sherpa meeting, scheduled from July 4th to 6th in Durban, will focus on expanding the grouping. This year the BRICS Summit is taking place in South Africa as it is the current President of BRICS,
The Expansion Agenda:
The primary objective of the BRICS Sherpa meeting is to finalize the expansion document, which will be presented to the leaders of the bloc for consideration. During the meeting, member countries will collaborate on establishing guidelines, procedures, and criteria for the expansion of BRICS. The growing interest from various nations underscores the need to shape appropriate criteria for potential new members.
Unprecedented Interest:
Nineteen countries, including Nigeria, Egypt, and Middle Eastern oil-producing nations such as Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the UAE, have formally or informally expressed their interest in joining the BRICS forum. Additionally, South American countries like Venezuela and Argentina are seeking membership. This widespread global interest underlines the potential and influence of BRICS.
Broadening Influence:
The recent “Friends of BRICS” gathering during the BRICS Foreign Ministers meeting in Cape Town brought together several African countries, Iran, Saudi Arabia, and the UAE. According to reports the interest and potential for BRICS to broaden its influence and reach was highlighted. Financial Express Online has reported earlier that calls for expansion were made during the 2022 China BRICS summit, and Para 73 of the joint statement affirmed the need for discussions on the expansion process.
BRICS’ Economic Significance:
Formed in the early 2000s, BRICS comprises Brazil, Russia, India, China, and South Africa – key emerging economies that collectively represent 41percent of the world’s population, contribute 24percent to global GDP, and hold a substantial 16 percent share in world trade. Over the years, these countries have played a pivotal role as engines of global economic growth.
Background and Progress:
The expansion of the BRICS bloc is a work in progress, with member nations approaching the idea with a positive intent and an open mind. At the BRICS Foreign Ministers meeting in Cape Town, leaders requested the formulation of guiding principles, standards, criteria, and procedures for new admissions. This process includes consolidating existing collaborations among BRICS members and exploring engagements with non-BRICS countries.
Looking Ahead:
The Sherpas, representing the BRICS members, have been entrusted with the task of formulating the expansion document, which will be presented at the BRICS Leaders Summit in August. The summit will include the BRICS+ meeting, inviting various African countries and chairs of regional community bodies worldwide. With BRICS representing 40 percent of the world’s population, the expansion holds immense potential for fostering stronger alliances and partnerships.
The BRICS Sherpa meeting in Durban serves as a pivotal moment for shaping the future of the grouping through expansion. As the bloc aims to embrace new partnerships and broaden its influence, the meeting will establish crucial guidelines and criteria. With a large number of countries expressing interest in joining BRICS, the potential for collaboration and collective growth among these influential nations is tremendous.