BRICS is the acronym coined over two decades ago that is associated with five major emerging markets: Brazil, Russia, India, China, and South Africa. BRICS members account for over 40% of the global population and nearly a quarter of global GDP. The expansion of BRICS could be imminent as Saudi Arabia, Turkey, and Egypt are in discussions to join the group of emerging market economies.
"All these countries [Saudi Arabia, Turkey, and Egypt] have shown their interest in joining [BRICS] and are preparing to apply for membership. I believe this is a good step, because expansion is always looked upon favorably, it will definitely bolster BRICS' global influence," BRICS International Forum President Purnima Anand told Russian newspaper Izvestia.
Anand said that the group's 14th summit last month in China held expansion talks. Adding Saudi Arabia, Turkey, and Egypt could open up a new era for global development as they would boost multilateral cooperation and comes at a time when the US and its Western partners are rebelling against globalization.
In May, Chinese President Xi Jinping said BRICS members have to "reject Cold War mentality and bloc confrontation, and work together to build a global community of security for all."
"I hope that these countries will join the BRICS quite shortly, as all the representatives of core members are interested in expansion. So it will come very soon," Anand added.
The future and what appears to be an imminent expansion of BRICS is more evidence the world is transitioning into a multi-polar world that will challenge the US' dollar-based system for global trade.
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