On December 29th, 2023, the BRICS alliance, an influential grouping of emerging economies, formally expanded to ten members. This historic move adds Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia to the existing BRICS nations of Brazil, Russia, India, China, and South Africa.
The BRICS alliance, established in 2009 comprised of Brazil, Russia, India, China, and South Africa. Conceived as a forum for emerging economies to discuss shared challenges and opportunities, BRICS has evolved into a significant player on the global stage.
The diverse backgrounds and economic potential of its members have allowed BRICS to tackle issues ranging from infrastructure development to climate change, offering an alternative perspective to traditional Western-led institutions.
This expansion further bolsters BRICS’ global influence and its potential to reshape the economic and political landscape in the years to come. With the addition of the new members, BRICS now represents approximately 32% of the world’s population and holds a combined GDP exceeding $22 trillion.
Africa taking up a Third of the Seats
Following the 2023 expansion, the BRICS alliance now boasts a more diverse membership, with three African nations within their ranks: Egypt, Ethiopia, and South Africa (a founding member since 2009). Africa’s presence allows greater influence on issues ranging from trade and development to climate change and global governance.
Located at the crossroads of Africa, Asia, and the Middle East, Egypt offers BRICS access to a strategically important region: The Suez Canal, a vital global trade artery that empowers Egypt’s economic and logistical footprint. Known for its iconic pyramids, ancient temples, and Red Sea resorts, Egypt has the third-largest economy in Africa.
With the second-largest population in Africa and a rapidly growing economy, Ethiopia brings youth to BRICS. Its focus on developing digital technologies and green energy initiatives aligns with BRICS’ goals of sustainable development and technological advancement. The country’s expertise in agriculture could benefit BRICS’ food security initiatives.
The inclusion of Egypt and Ethiopia into BRICS marks a pivotal moment, not just for the bloc, but for the entire African continent. This expansion signifies a shift in the global landscape, where Africa is taking center stage due to the increasing interest of developed countries in the continent’s resources, markets, and young population.