Brazil is now the main holdout against gathering momentum in the BRICS group of major emerging economies to add more member countries. In August, the group’s summit, including Russia, India, China, and South Africa, is expected to include a discussion on expanding membership as more countries express interest.
BRICS, launched in 2010, is hailed by some as a counterweight to traditional diplomatic forums like the G7, which primarily comprise rich Western nations. The five have forged closer economic ties, promoted cooperation on global issues, and sought more prominent roles for emerging powers in multilateral institutions.
The New Development Bank, set up by the BRICS members to promote infrastructure projects and other initiatives, has made some progress toward becoming a “multipolar world financial system” (Bloomberg, 2022). Since its inception, it has drawn Egypt, the United Arab Emirates, Uruguay, and Bangladesh as shareholders, though their investments have been much lower than those of the founding members.
With a combined population of 4 billion people, the BRICS countries account for 23 percent of global GDP and 18 percent of foreign trade. Together, they are home to almost half the world’s known mineral resources and a fifth of all energy reserves. Their economies have proliferated in recent years, helping to drive global economic recovery and providing a solid base for future growth.
At the same time, the BRICS have used their collective strength to signal that old twentieth-century international institutions have been obsolete and need to change. The group has pushed back against US-led economic sanctions against Iran over its nuclear program (Burns, 2019; d’Eramo, 2020). It pressed for an end to the US-led economic isolation of Venezuela amid political turmoil there (Misselis, 2016; De Souza & Sinha, 2022). Moreover, it has clarified that it opposes Russia’s military campaign in Ukraine (Fischer, 2018).
The group has turned a corner and become less of a counterweight to the United States and other established powers and more of a forum for asserting its ideas about a new global order. The BRICS have moved swiftly to establish their development bank and other institutions. However, their growing roster of activities seems more focused on promoting themselves as an influential power than dealing with intractable problems.
While the group seeks to attract other nations with its message that global governance needs a shake-up, its internal dynamics must be revised for the members to support a rapid expansion. The BRICS make decisions by consensus, meaning that Brazil’s assent will be critical to any club expansion. Moreover, the nation is concerned that those countries’ rival ambitions could hijack its burgeoning partnership with Russia and China. Brazil’s foreign minister, Naledi Pandor, has argued that wealthy states should join the club only if they are ready to promote shared prosperity, not just their narrow interests. This article was updated on June 28 to reflect the fact that Russia’s president, Vladimir Putin, will not attend this month’s BRICS summit in South Africa, by mutual agreement, according to the presidency of South African President Cyril Ramaphosa.
