BRICS: Intra-Organizational Expansion and the New Global Playing Field
“Corrective action must begin with the reform of institutions of global governance. This has been on the BRICS agenda since its inception.”
This quote by Indian Prime Minister Narendra Modi aptly surmises the aspirations of BRICS. Officially commencing operations in 2006, this acronym for the nations of Brazil, Russia, India, China, and eventually South Africa was coined in 2001 by Goldman Sachs economist Jim O’Neill, describing the countries which comprise the collective economic might of the Global South. BRICS countries contain nearly 42% of the world's population, 27% of the global GDP, and 26% of the planet's land, making them a force to be reckoned with now, and in years to come. Over the course of its short investiture as an official union, BRICS has launched many multinational initiatives to help corroborate its original goals of corrective action, including the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA).
However, within this coming year, BRICS will be entering a new era, officially welcoming the nations of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates on the 1st of January 2024. With such a drastic incoming change, and much controversy surrounding the legitimacy of the BRICS institution as a whole, will BRICS continue to be a self proposed arbiter for peace, or will it fall into disrepair?