BRICS, Why The Rush…

Several decades after the official creation of BRICS group, the road covered by the economic bloc has been very impressive. Reason why in the last few months, many countries have been expressing their willingness to join. After the disclosure in June 2023 that Iran and Argentina had already applied to become members, many other countries like, Egypt, Saudi Arabia, Turkey, Algeria, Bangladesh, Indonesia, Mexico, Nigeria, Sudan, Syria, Pakistan, and Venezuela also announced their potential entry. Though it is unclear whether the over forty countries that have expressed their willingness would effectively become members, the question that comes to mind is why are many countries rushing to join the BRICS group? From statistics, it is clear that BRICS members have become central drivers of the world economy. As of December 2021, they accounted for 40% of the world’s population, 25% of nominal GDP at $16trn, 30% of land mass and 18% of total trade flows, while holding a combined $4trn in foreign exchange. 
To many countries today, BRICS expansion could offer emerging markets the opportunity to build new economic synergies. It is described by many experts as an “inclusive” organization that is open to dialogue with the larger global community. BRICS does not distinguish between the Global North and Global South and is ready to talk to any country that has the same vision for a more inclusive and equitable global order,  especially developing nations. As emerging markets recover from the Covid-19 pandemic and face financial headwinds due to interest rate hikes in the US, the BRICS group is a perfect alternative to the countries that are eager to revamp their dwindling economies. 
The need to solve global challenges of food security and climate change and encourage cohesion among prospective BRICS members is another pertinent reason why these countries are interested. Having in mind that concerns about global food security could prompt existing and new BRICS members to create a food exchange where major exports such as, Argentine corn, Indian rice and wheat, Russian barley and sunflower oil, Chinese grain and cotton, and Brazilian soybeans, it is but normal for these countries to seek membership. To these can be included other emerging markets in specialized in agricultu...