BRICS: Expansion on the Horizon

- The organisation encompassing Brazil, Russia, India, China, and South Africa, known as BRICS, is headed for a significant expansion on January 1.

- New nations set to join the bloc include Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt.

- This move will effectively double the membership of BRICS, enhancing its global influence.

Motivation Behind the Expansion

- The existing BRICS nations laid the groundwork for this expansion in August, sending out invitations to six nations. Only Argentina declined the offer.

- The central intention is linking leading energy producers with significant consumer markets in the developing world.

Progress of Participation and Acceptance

- Representatives from the future member nations have already started integration processes, as demonstrated by their attendance at a BRICS meeting in Durban, South Africa.

- They will also dispatch officials to the upcoming meeting in Moscow scheduled for January 30.

Journey of BRICS: From BRIC to BRICS

- The term "BRIC" was conceived in 2001, indicating the robust economic growth of Brazil, Russia, India, and China.

- It became "BRICS" in 2010 with the induction of South Africa, a testament to the bloc's evolving dynamics.

Increasing Global Interest

- Approximately 30 countries have shown interest in developing relations with BRICS, verifying its growing global relevance.

- Russia's Foreign Affairs Minister, Sergey Lavrov, has acknowledged the increasing international significance of the bloc.

Future Aspirants

- Nigeria, under the leadership of its Minister of Foreign Affairs, Yusuf Tuggar, aspires to join the BRICS alliance within the next two years.

Challenges and Setbacks

- Except for India, BRICS has underperformed compared to other emerging-market peers in the last five years.

- Russia's attractiveness to investors has been diminished due to US-led sanctions.

- Certain sectors in China, especially technology companies, face sanctions and potential investment bans, posing further challenges to the bloc's overall performance.