Compiled by Miyashni Pillay
The BRICS acronym is about to get longer if talk becomes a reality.
Around 22 countries want to join the emerging markets power bloc: Brazil, Russia, India, China and South Africa.
BRICS’ combined economic prowess has made the global community sit up and take notice.
The list of applicants includes Argentina, Iran, Saudi Arabia, the United Arab Emirates (UAE), Nigeria and the Democratic Republic of Congo (DRC).
18 More countries have expressed interest in joining the alliance but have not applied officially.
BRICS development
The group’s aggressive development plan includes infrastructure builds, trade route extensions, and a possible BRICS currency.
According to a report by Silk Road Briefing, the BRICS New Development Bank has committed more than (US) $30 billion to infrastructure development and maintenance within the bloc.
The five original BRICS nations established the Shanghai-based New Development Bank (NDB) in 2014 to provide loan alternatives to the International Monetary Fund (IMF) and World Bank.
The Maritime Silk Road, which is the lynchpin of China’s Belt and Road Initiative, will connect China with the rest of Asia, Africa, and Europe. This, in turn, will open up trade routes to other BRICS nations.
What the new countries are bringing to BRICS
Saudi Arabia ranks among the richest countries in the world, with a GDP of around USD 833 billion.
The country, and indeed, the entire United Arab Emirates, has sped up its development exponentially over the last decade.
The next five years will see the construction of “The Line”, a planned industrial, residential, and commercial development all in one.
It will stretch 170 km and will be just over 200m wide.
The country’s oil and petrol reserves will be essential to BRICS developments.
Nigeria is Africa’s largest oil and gas producer and among the 10th largest in the world for both.
Its burgeoning economy has garnered much attention after it overtook South Africa as the largest economy in Africa.
Indonesia is a member of the South-East Asian free trade bloc, which includes Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
According to the World Wildlife Fund, it’s also a prolific exporter of crude palm oil, which is the most consumed vegetable oil on the planet.
Joining what is now being called BRICS+ will give members greater access to resources, contacts, trade and tourism.
*read the full report here
