[News] As 19 countries seek to join BRICS, is the world experiencing a change in the balance of power?

[Anti-Imperialist News]

middleeastmonitor.com
<https://www.middleeastmonitor.com/20230522-as-19-countries-seek-to-join-brics-is-the-world-experiencing-a-change-in-the-balance-of-power/>
As 19 countries seek to join BRICS, is the world experiencing a change in
the balance of power?
May 22, 2023
------------------------------

Since its formation in 2006, the BRICS group has only accepted one new
member in 2010. Now, 19 countries have formally or informally approached
the body to become members as it prepares to hold its annual summit in
South Africa. Five Arab countries are among those who have expressed their
interest in joining the BRICS group, South Africa's Ambassador Anil Sooklal
said in an interview.

Saudi Arabia and Iran have made formal requests to join, while the UAE,
Egypt, Bahrain and Algeria have joined Argentina and Indonesia and a number
of African states in expressing an interest in joining.

"What will be discussed is the expansion of Brics and the modalities of how
this will happen," Sooklal said. "Thirteen countries have formally asked to
join and another six have asked informally. We are getting applications to
join every day."

According to Professor of International Law at Brazil's FGV Direito SP
University, Dr Salem Nasser, these requests show that there are "ongoing
changes in the balance of world power. BRICS represent a new pole of
economic and political power which will compete with North American
hegemony."

Nasser, however, does not believe that through joining BRICS these
countries will be aligning themselves with China or closing the door on
cooperation with the West.

Since its establishment, BRICS – an acronym for five regional economies:
Brazil, Russia, India, China and South Africa – included the world's
fastest-growing economies at the time. However, Chinese President Li Jintao
described BRICS as "the defender of the interests of developing countries
and a force for world peace." With the body now setting itself up as an
alternative to existing international financial and political forums.

READ: Egypt, Saudi, UAE, Algeria, Bahrain seek to join BRICS bloc
<https://www.middleeastmonitor.com/20230428-egypt-saudi-uae-algeria-bahrain-seek-to-join-brics-bloc/>

BRICS five member states now account for 31.5 per cent of global GDP, while
the G7 members' share has fallen to 30 per cent, according to Megh Updates
platform. Global banking group Goldman Sachs believes that by 2050 the
economies of the BRICS countries will compete with the economies of the
richest countries in the world.

"The belief is growing that North American economic hegemony declines and
changes are accelerating. Besides, the production weight of the BRICS
promises a lot," Nasser told MEMO. "On other hand, the expansion can be
seen today as a strengthening, but it can bring the dilution of this unity
at the same time," he warned.

Nasser sees that one of the greatest challenges BRICS faces is the ability
to expand its membership base while maintaining its current economic growth
and building a consistent and common strategy. "The issue of accepting new
members and maintaining economic and political independence is not easy at
all. For example, the crisis of distancing Brazil during the last Brazilian
government while the matter changed now with President Lula's return. China
is the economic flagship of the group and any transformations now will
affect the world economy. The important question right now is: will the
group be able to build common perceptions and strategies?"

During his visit to Beijing last month, Brazil's President Lula da Silva
said: "Every night, I ask myself 'why do all countries have to base their
trade on the dollar?'." He believes in the need to create new mechanisms
and he called on developing countries to work towards replacing the US
dollar with their own currencies in trade. "I am in favour, in the case of
Brazil with South America, that we create a currency to trade. I am in
favor of people creating a trading currency between our countries in the
BRICS, like the Europeans created the euro."

Lula stressed that he wants the BRICS Development Bank to become a major
investment bank. "The BRICS bank could become the great bank of the Global
South," he said, adding: "Brazil is back and willing to make a difference.
To help the world have a different look. And we have a task that we didn't
have ten years ago."

BRICS is facing changes in its importance and global reach as a result of
the desire of countries to change from a unilateral global base – led by
the United States – to a multipolar one. Should the 19 countries be allowed
to join the body, they could change the balance of global power, but will
they also lead to the destruction of BRICS' ability to make change?

*READ: The rise of the South: can BRICS weaken the dominance of the World
Bank and IMF?
<https://www.middleeastmonitor.com/20230413-the-rise-of-the-south-can-brics-weaken-the-dominance-of-the-world-bank-and-imf/>*
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://freedomarchives.org/pipermail/news_freedomarchives.org/attachments/20230522/b98146cd/attachment.htm>