As the BRICS economic alliance, initially consisting of Brazil, Russia, India, China, and South Africa, expands its global influence, five major countries are on the cusp of joining this influential bloc in the beginning of 2024.
With the addition of these nations, BRICS is not only increasing its membership but also significantly enhancing its geopolitical and economic footprint. The move underscores a strategic shift in the global power dynamics, challenging the existing order and paving the way for a new era of multi-polar collaboration.
The five nations poised to join BRICS bring diverse strengths and perspectives to the table, each augmenting the alliance’s capability to influence global trade, economics, and politics. Their integration into BRICS is a testament to the bloc’s growing appeal and its commitment to reshaping the global economic landscape.
Expanding Horizons: New Members, New Opportunities
- Iraq’s Strategic Move Towards De-dollarization: Iraq’s interest in joining BRICS aligns with its goal of economic upliftment and de-dollarization. The country aims to bolster its economy through trade in local currencies, a move necessitated by the impacts of a rising US dollar. By joining BRICS, Iraq seeks to leverage the alliance’s mission of de-dollarization, eyeing recovery and growth. Iraq’s abundant natural resources make it an attractive addition to BRICS, promising mutual benefits for both the nation and the alliance.
- Nigeria’s Quest for Global Influence: Nigeria’s bid to join BRICS in 2024 represents its ambition to amplify its voice in global affairs. As one of Africa’s most populous and economically significant countries, Nigeria’s addition could enhance BRICS’s influence in the continent. While Nigeria’s stance on de-dollarization remains unclear, its membership in BRICS could be a strategic move to bolster its foreign policy and economic clout.
- Turkey’s Aspiration for Regional Leadership: Turkey’s potential inclusion in BRICS could solidify its status as a key player in the Middle East and North Africa region. Having narrowly missed out on previous expansion rounds, Turkey’s growing regional influence makes it a prime candidate for the 2024 expansion. Turkey’s occasionally strained relations with the West could also see it seeking stronger ties with BRICS nations, enhancing its geopolitical leverage.
- Mexico’s Potential Pivot to BRICS: Despite earlier indications of disinterest, Mexico joining BRICS remains a possibility that cannot be discounted. As a significant player in the Americas, Mexico’s membership in BRICS could open doors to larger markets and strengthen its bargaining power in international matters. The decision to adopt BRICS’s proposed trading currency would be pivotal for Mexico, marking a significant shift in its economic alliances.
- Pakistan’s Formal Application and Geopolitical Implications: Pakistan’s official application to join BRICS signifies its desire to diversify its alliances and strengthen ties with key global players. While Pakistan’s relationship with Russia could facilitate its entry, India’s opposition poses a challenge. Nevertheless, the broader BRICS community appears open to further expansion, potentially paving the way for Pakistan’s inclusion despite geopolitical complexities.
Reshaping Global Alliances: BRICS’s Evolving Dynamics
The prospective addition of these five countries to BRICS in 2024 is more than just an expansion of membership; it represents a fundamental shift in global alliances and economic strategies. These nations, each with its unique strengths and challenges, stand to contribute significantly to BRICS’s mission of creating a more balanced global economic order.
The 2024 expansion of BRICS is poised to alter the landscape of international relations, offering new avenues for cooperation and development. As these countries integrate into the BRICS framework, the alliance strengthens its position as a formidable force in global economics and politics, challenging established norms and presenting new opportunities for growth and collaboration in an increasingly multipolar world.
