The 16th BRICS Summit, held in Kazan, Russia, from October 22nd to 24th, 2024, marked another significant expansion of the bloc. Last year, six new nations joined BRICS, with Egypt, Ethiopia, Iran, and the UAE officially becoming members on January 1st, 2024.
The last BRICS expansion has already enhanced its global influence, challenging the dominance of the G7 and other Western-led institutions.
The group seeks to promote a multipolar world, reducing the dominance of the US and its allies. BRICS’s vision is to champion the Global South, focusing on economic growth, sustainable development, and multilateral reform.
Prior to the latest expansion, BRICS represented 35% of global GDP at purchasing power parity (PPP). The addition of Iran and the UAE, the bloc’s combined oil production increased by nearly 50%, accounting for almost 30% of global output. However, its footprint in terms of exports remains relatively small, with its nine members contributing only 22% of global merchandise exports, with China alone accounting for nearly two-thirds of the bloc’s exports.
The recent 16th BRICS Summit saw the addition of 13 new partner countries, marking a significant expansion towards a multipolar world. The new members include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
Many experts are already predicting that ASEAN (Association of Southeast Asian Nations) has the potential to rival the EU (European Union) in terms of GDP. With the addition of Indonesia, Malaysia, Thailand, and Vietnam—four of the strongest economies among the ASEAN countries—BRICS is likely to grow much stronger.
As BRICS continues to grow, its impact on global trade, investment, and geopolitical balance will be closely watched.