BRICS Expansion and Its Outcomes

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Plutus Academy
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BRICS Expansion and Its Implications

• GS2 International Relations

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BRICS Expansion 

• 15th BRICS summit in Johannesburg
• Current members of BRICS -Brazil, Russia, India,
  China, and South Africa

• The inclusion of six new countries
• Argentina
• Ethiopia
• Egypt
• Iran
• Saudi Arabia
• UAE

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Implications of BRICS Expansion 

• This would Bolster the grouping's strength and
  further endorse the Concept of a multipolar world
  order PM Narendra Modi

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Global Economic Influence

• BRICS represents 46 of the world's population
  and contributes 37 of the global GDP (PPP).
• Surpassing the G-7, which accounts for 30.7 of
  global GDP.
• Redistribution of global economic influence,
  challenging Western economies' dominance.

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Impact on Energy Sector

• BRICS expansion affects the energy sector.
• New members are significant oil and gas industry
  players.
• BRICS now accounts for 42 of global oil output.

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Geostrategic Importance

• Inclusion of West Asian countries (Saudi Arabia,
  UAE, Iran) enhances BRICS' geostrategic value.
• These nations are key players in the energy
  sector with geopolitical significance.

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Reform of International Institutions

• BRICS members advocate for reforms in UN, IMF,
  and World Bank.
• Expanded BRICS may exert more pressure for
  structural changes in these institutions.

Economic Cooperation

• BRICS focuses on intra-BRICS economic cooperation
  and outreach to developing countries.
• Potential for new trade and investment
  partnerships among members.

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Shared Political Goals

• BRICS members align on global political issues
  (UN centrality, West Asia, Ukraine,
  counterterrorism).
• Expansion increases impact on global affairs.

Multipolar World Order

• BRICS challenges the Western-dominated unipolar
  world order.
• Expanded BRICS asserts strategic autonomy in a
  multipolar world.

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Economic Cooperation

• BRICS focuses on intra-BRICS economic cooperation
  and outreach to developing countries.
• Potential for new trade and investment
  partnerships among members.

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