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<a class="gmail-domain gmail-reader-domain" href="https://www.middleeastmonitor.com/20230522-as-19-countries-seek-to-join-brics-is-the-world-experiencing-a-change-in-the-balance-of-power/">middleeastmonitor.com</a>
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<h1 class="gmail-reader-title">As 19 countries seek to join BRICS, is the world experiencing a change in the balance of power?</h1>
<div class="gmail-credits gmail-reader-credits">May 22, 2023</div>
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<p>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.</p>
<p>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.</p>
<p>"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."</p>
<p>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."</p>
<p>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.</p>
<p>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.</p>
<p>READ: <a href="https://www.middleeastmonitor.com/20230428-egypt-saudi-uae-algeria-bahrain-seek-to-join-brics-bloc/">Egypt, Saudi, UAE, Algeria, Bahrain seek to join BRICS bloc</a></p>
<p>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.</p>
<p>"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.</p>
<p>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?"</p>
<p>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."</p>
<p>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."</p>
<p>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?</p>
<p><strong>READ: <a href="https://www.middleeastmonitor.com/20230413-the-rise-of-the-south-can-brics-weaken-the-dominance-of-the-world-bank-and-imf/">The rise of the South: can BRICS weaken the dominance of the World Bank and IMF?</a></strong></p>
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