Nine nations will officially become partner states of BRICS in January 2025, WAM reported referencing Russian presidential aide Yuri Ushakov during a press briefing.
Wam a to TV BRICS, from January 1, Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan will join BRICS as partner countries.
Ushakov noted that these nations have expressed their eagerness to attain this status and mentioned that Moscow is awaiting a response from an additional four countries.
The partner countries will have the opportunity to propose initiatives, but will not participate in the approval of documents or voting.
The BRICS nations endorsed the framework for this category and welcomed other countries’ interest in the group during the Kazan Declaration of the XVI BRICS Summit. The summit also established a list of nations that were subsequently invited to join the association as partners.
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Overview of BRICS
The nations that make up BRICS—Brazil, Russia, India, China, and South Africa, along with five new members—form an informal coalition of emerging economies aiming to enhance their influence in the global arena. Founded in 2009, BRICS emerged from the belief that international institutions were excessively dominated by Western powers and no longer adequately represented the interests of developing nations. The bloc has focused on aligning its members’ economic and diplomatic strategies, establishing new financial institutions, and minimizing reliance on the U.S. dollar.
Nature of the coalition
BRICS is not a formal organization but rather a loose alliance of non-Western economies that collaborate on economic and diplomatic initiatives toward a common objective. The member countries strive to create an alternative to what they perceive as the Western-centric dominance in major multilateral organizations, such as the World Bank, the Group of Seven (G7), and the UN Security Council.
Origin of the term
The term “BRIC” was first introduced by Goldman Sachs economist Jim O’Neill in a 2001 research paper, where he argued that the growth of these emerging economies (Brazil, Russia, India, and China) was set to challenge the established G7 wealthy nations.
Formation and early years
Russia was the first to convene the four countries, a move analysts attribute to President Vladimir Putin’s increasing ambition to establish a counterbalance to the West. The inaugural official BRIC summit took place in Russia in 2009, and South Africa joined the following year upon China’s invitation, solidifying the five-nation coalition that has lasted over a decade.
Recent expansion
The most recent expansion occurred at the 2023 BRICS summit, where six new countries—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE)—were invited to join.
What does BRICS do?
The heads of state of BRICS meet annually, with each nation taking turns to chair the group for a year, setting priorities and hosting the summit. Moreover, the bloc operates on a consensus basis and remains largely informal, lacking a formal charter, secretariat, or common funding.
Key thematic areas highlight its priorities:
- Advocating for greater representation: BRICS aims to present a united front for emerging economies within global organizations. The group seeks to reform existing institutions, such as advocating for an expanded UN Security Council, and to create negotiating blocs within these bodies. Many BRICS nations have voiced opposition to the UN’s condemnation of Russia’s war in Ukraine and have sought unified positions on matters like the Iran nuclear program and conflicts in Afghanistan, Gaza, Libya, and Syria.
- Coordinating economic policy: The 2008 global recession significantly impacted the BRICS nations, prompting a focus on economic coordination regarding tariff policies, export restrictions on essential resources, and investment strategies. The bloc’s annual foreign direct investment (FDI) inflows increased more than fourfold from 2001 to 2021, although growth has decelerated in recent years.
- Reducing reliance on the U.S. dollar: Growing discontent with the dollar’s dominance in global transactions—which exposes BRICS countries to Western sanctions—has led leaders to advocate for de-dollarization. This includes promoting trade in local currencies or even considering a common BRICS currency.
- Creating an alternative finance system: The New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) are designed to parallel the functions of the World Bank and the International Monetary Fund (IMF), respectively. BRICS members hope these alternative lending institutions will enhance South-South cooperation and reduce reliance on conventional funding sources.
