IN a dramatic turn of events,19 countries have requested to join the BRICS bloc ahead of the upcoming summit. This news has significant implications for the global economic and political landscape, particularly in the context of the power dynamics between the global North and South.
BRICS is an acronym for Brazil, Russia, India, China, and South Africa, which collectively make up the five member countries of the BRICS bloc. These nations, despite their differences in size, culture, and political systems, share a common aspiration to promote economic development and cooperation among themselves and with other emerging economies.
That 19 countries have expressed interest in joining the bloc is considered a testament to the growing influence of the organisation in global affairs. It may also reflect a shift in power dynamics away from traditional Western-dominated institutions such as the G7 towards a more diverse and multipolar world.
It is worth noting that many of the countries that have requested to join the bloc are from the global South, including Saudi Arabia, the United Arab Emirates, and Iran. It is believed that nations are seeking to leverage the economic and political benefits of being part of a larger bloc that is increasingly seen as an alternative to the established Western-led institutions.
This development has significant implications for the global economic landscape. For one, it suggests that the BRICS bloc is becoming a more influential player in global affairs, particularly in terms of shaping economic policy and driving growth in emerging markets.
At the same time, it raises questions about the future of Western-led institutions such as the International Monetary Fund and the World Bank. These organisations have long been accused of imposing neo-liberal economic policies on developing countries, often to the detriment of their economic development.
The fact that 19 countries have expressed interest in joining the BRICS bloc suggests that the organisation is playing an increasingly important role in global affairs. It also reflects a broader shift in power dynamics away from traditional Western-dominated institutions towards a more diverse and multipolar world.
Eighteen-Eleven Media