BRICS: Going places

With the invitation to 6 new countries to join the bloc – UAE, Saudi Arabia, Egypt, Iran, Ethiopia and Argentina – BRICS has set course for the future.

The term BRIC (Brazil, Russia, India, and China) was first coined by Goldman Sachs chief economist Jim O'Neill in 2001 in reference to the nations that would dominate the global economy by 2050. The first BRIC Summit was held in 2009 and in 2010 with the inclusion of South Africa, BRICS was officially formed.

Its primary purpose was to offer economic collaborations among the participating nations that soon expanded to encompass global issues such as climate change and sustainable development, food and energy security and more.

Rise of BRICS

The current BRICS members already account for 42% of the world population and a quarter of the global economy. The inclusion of the new set of perspectives will only broaden its reach and strengthen its position in this era of building new economic partnerships. BRICS already accounts for 32% of the world's GDP as compared to the G7 "developed countries" which contribute close to 30%.

UAE’s entry welcomed by India

Showcasing further the brotherly ties between the two nations, UAE’s entry into the BRICS bloc has been warmly welcomed by India.

Congratulating UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, on the country’s inclusion in the BRICS group, the Prime Minister Narendra Modi highlighted the Arab nation’s pivotal role in fostering international cooperation and partnerships aimed at ensuring sustainable economic prosperity worldwide. India’s recent agreement with the UAE to settle trade in rupees instead of dollars, will only further strengthen the economic partnership within the newly aligned BRICS context.

WATCH PM Modi address the BRICS Forum leaders’ Dialogue here:

“Despite the turmoil in the global economy, India today is the fastest-growing major economy in the world. Very soon India will become a five trillion-dollar economy,” Prime Minister Modi said at the BRICS Business Forum Leaders’ Dialogue in Johannesburg. “There is absolutely no doubt that in the comingyears, India will be the growth engine of the world and the reason for this is that India has converted crisis and difficulties into opportunities for economic improvements. The people of India have resolve to become a developed nation by 2047,” Prime Minister pointed out.

The Global South has always been at the forefront of India’s own economic vision. Prime Minister Narendra Modi’s recent reference to the ‘Global South’ and its ability to achieve great feats following India’s successful moon mission, is testament to this.

UAE: A valuable partner

UAE’s invitation to the bloc reflects an effort by the country to further engage in and diversify its economic partnerships. The upcoming COP28 with its focus on sustainability and energy transition is also a common ground for all nations work together. Interestingly all BRICS nations are also part of G20.

UAE already enjoys a warm history with BRICS, having been part of various forums across the years and this new begginning only further showcases the country’s keenness to champion the value of cooperation in supporting peace, and development for the benefit of humanity across the world.

In an era of polarized and shifting global dynamics, a consensus-based organization like BRICS can go a long way to ensure that nations can enhance their economic growth through mutually beneficial collaborations.?