The BRICS Summit 2024 came to an end on Thursday and proved to be eventful for the 5 countries in attendance. The alliance had for over a decade consisted of Brazil, Russia, India, China and South Africa. While over 20 countries had formally applied to join, the alliance ultimately decided to invite Iran, Saudi Arabia, the UAE, Argentina, Egypt and Ethiopia.
Prior to the summit, there was skepticism around the intentions of the BRICS bloc (especially with Russia and China) looking to expand, with political commentators such as Charlie Kirk stating that their real intention was to “get America out of the way.”
This could very well ring true, and only time will tell. Vladimir Putin expressed these sentiments more openly during the summit, suggesting that BRICS should represent the “global majority,” while other members such as Brazil were more wary of how an expansion should be portrayed.
“We do not want to be a counterpoint to the G7, G20 or the United States. We just want to organize ourselves,” stated President Lula.
Political leaders from the 6 added countries celebrated their potential admission.
Mohammad Jamshidi, who serves as the political deputy of Iran’s president, wrote on X, “Felicitations to the Supreme Leader of Islamic Revolution and great nation of Iran,” additionally noting that joining the bloc is a “strategic victory for Iran’s foreign policy.”
Ethiopian Prime Minister Abiy Ahmed stated, “Cooperation is key to our collective survival.”
AP News reports that, at the moment, BRICS represents almost half of the world’s population and over 25% of the global GDP. With the addition of the 6 new countries, those numbers could skyrocket with Saudi Arabia, the UAE and Iran being the world’s largest oil producers.
China’s Xi Jinping showed his enthusiasm for the expansion as well, stating, “This membership expansion is historic. It shows the determination of BRICS countries for unity and development… Over the years, China has stood in solidarity with developing countries through thick and thin.”
While some are concerned that China and Russia may be using this expansion for their own geopolitical benefit, Antonio Guterres, U.N. Secretary-General validated BRICS' desire for growth, stating, “Redesigning today’s outdated, dysfunctional and unfair global financial architecture is necessary, but it won’t happen overnight… Yet we can and must take practical action now.”
Guterres is presumably alluding to the US dollar being the world's reserve currency as the “unfair global financial architecture.”
