Twenty New Countries Seeking to Join BRICS: A Global Trade Game Changer

In a recent development, the BRICS Ambassador at large, Anil Sooklal, has disclosed that an additional 20 countries have formally submitted applications to join the BRICS group. This revelation follows the recent invitation of six new members to join the alliance earlier this year.

The current BRICS members, Brazil, Russia, India, China, and South Africa, presently account for 37% of global trade. With the addition of the 20 new applicants, the dynamics of global trade could undergo a significant shift.

One notable aspect of BRICS membership is that it does not necessitate strict formal trade negotiations or permanent tariff reductions. Instead, the alliance takes a more flexible approach, allowing for tariff reductions and trade development enhancements to be implemented as necessary. This approach presents an appealing alternative for emerging economies and alleviates concerns over market and political reforms imposed by Western trade alliances.

While the identities of the 20 new applicants have not been publicly disclosed, it is probable that the list includes countries such as Afghanistan, Algeria, Bangladesh, Bolivia, Cuba, Ecuador, Indonesia, Kazakhstan, Mongolia, Nicaragua, Nigeria, Pakistan, Senegal, Sri Lanka, Sudan, Thailand, Turkey, Uruguay, Uzbekistan, and Venezuela.

These countries offer a varied range of economic strengths and potential contributions to the BRICS alliance. From substantial natural resources to strategically important geographic locations, each member offers something unique to the group.

The inclusion of these new members has the potential to enhance the reach and influence of the BRICS alliance within their respective regional trade blocs. By embracing these developing economies, the alliance is challenging the traditional Western trade model, which often imposes stringent conditions and regulations on its members.

As the BRICS movement evolves, it is emerging not just as a trade bloc, but as a philosophy of global trade that could have a lasting impact on the future of international commerce.

This shift in global economic dynamics has the potential to reshape the landscape of international trade and create new opportunities for businesses and investors worldwide. The implications of this expansion are significant and could pave the way for a more inclusive and equitable approach to global trade.

The integration of these new members into the BRICS alliance may take time, but it could be completed by 2030, marking a significant milestone in the evolution of global trade dynamics.

The addition of these new members to the BRICS alliance represents a bold step towards a more collaborative and inclusive approach to global trade. It is a testament to the alliance’s commitment to championing emerging and developing economies on the global stage.

As we navigate this transformative period in international trade, it is essential to monitor the developments within the BRICS alliance and their potential impact on global economic dynamics.

Chris Devonshire-Ellis, the Chairman of Dezan Shira & Associates, offers valuable insights into the evolving landscape of global trade. For more information about the changing dynamics of global trade, please visit www.dezshira.com.

This article was composed and produced by Dezan Shira & Associates, providing regional analysis of emerging trends and opportunities for foreign investors amid shifting global geopolitics. To learn more about their market research and intelligence, please email [email protected] or visit www.dezshira.com.