BRICS Expansion – Artifex.News https://artifexnews.net Stay Connected. Stay Informed. Wed, 04 Sep 2024 14:34:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://artifexnews.net/wp-content/uploads/2023/08/cropped-Artifex-Round-32x32.png BRICS Expansion – Artifex.News https://artifexnews.net 32 32 Turkiye seeks to join the BRICS bloc of emerging economies, a Kremlin official says https://artifexnews.net/article68605895-ece/ Wed, 04 Sep 2024 14:34:07 +0000 https://artifexnews.net/article68605895-ece/ Read More “Turkiye seeks to join the BRICS bloc of emerging economies, a Kremlin official says” »

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Turkish President Recep Tayyip Erdogan.
| Photo Credit: AP

NATO member Turkiye has applied for membership in the BRICS bloc of developing economies, a senior Kremlin official said on Wednesday (September 4, 2024), as Russia and China seek to counter the West’s global influence.

Yuri Ushakov, President Vladimir Putin’s foreign affairs aide, told reporters that Turkiye has submitted an application “for full membership” in the bloc that Russia this year chairs, and it will be considered.

Turkish President Recep Tayyip Erdogan has stated several times that his country aspires to become a member of the BRICS alliance, according to Omer Celik, a spokesman for Erdogan’s ruling party. But Mr. Celik stopped short this week of confirming that Turkiye has applied formally.

The BRICS alliance was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2010. It recently has undergone an expansion, and now includes Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has said it’s considering joining, and Azerbaijan and Malaysia have formally applied.

BRICS has a stated aim to amplify the voice of major emerging economies to counterbalance the Western-led global order. Its founding members have called for a fairer world order and the reform of international institutions like the United Nations, the International Monetary Fund and the World Bank.

Mr. Erdogan, who has been in power for more than two decades, has sought to carve a more independent foreign policy for Turkiye and to enhance its global influence. The country is also frustrated by the lack of progress in its membership talks with the European Union.

Last week, Mr. Erdogan said Turkiye should “simultaneously” develop relations with both the East and the West.

Turkiye, which straddles Europe and Asia, joined the NATO military alliance in 1952. It began talks to join the European Union in 2005 but the negotiations have stalled due to concerns over democratic regression under Erdogan’s administration, and ongoing disputes with Cyprus, an EU member, among other challenges.

BRICS is expected to discuss taking in new members in a meeting in Russia next month.

Mr. Putin earlier this year welcomed Turkiye’s interest in the bloc and promised that Moscow “will support this aspiration and desire to be together with the countries of this alliance, to be together, closer, to solve common problems.”

On Monday, Mr. Putin spokesman Dmitry Peskov also said Turkiye expressed interest in joining BRICS.



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Explaining the BRICS expansion | Infographics https://artifexnews.net/article67248395-ece/ Tue, 05 Sep 2023 06:37:38 +0000 https://artifexnews.net/article67248395-ece/ Read More “Explaining the BRICS expansion | Infographics” »

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Presidents of Brasil, Jair Bolsonaro, Russia, Vladimir Putin, China, Xi Jinping, South Africa, Cyril Ramaphosa, and India’s Prime Minister Narendra Modi pose for a family photo as they arrive for the BRICS summit in Brasilia, Brazil November 14, 2019.
| Photo Credit: Reuters

In a landmark decision, current members of the BRICS (Brazil, Russia, India, China, and South Africa) declared that the grouping would welcome six new countries into the fold. Prime Minister Narendra Modi said, towards the end of the 15th BRICS summit in Johannesburg, that the addition of new members would strengthen the grouping and increase confidence in the idea of a multipolar world order.

Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE are the six new additions to the BRICS.

The decision to expand BRICS was taken 13 years after the organisation was last expanded with the addition of South Africa in 2010. Now with six new additions, we have a look at how this expansion affects a few key indicators.

(1) Gross Domestic Product

By the end of 2022, the current (and original six) members of BRICS constituted of 25.77% of the Global GDP, according to the data provided by World Bank (in current U.S. dollar prices). After the expansion, there are now five countries in the grouping whose GDP is over the trillion-dollar-mark.

The chart below shows the share of the world’s GDP represented by BRICS members before and after the addition of the six new economies. Post-expansion, BRICS constitutes nearly 29% of the world’s GDP.

(2) Oil production

Of the four metrics chosen, the BRICS grew the most in its share of oil production after its expansion. It grew from per-day production share of 20.4% to 43.1%.

Of the new members, Saudi Arabia is the biggest oil producer with 12,136 barrels per day. Saudi Arabia is followed by United Arab Emirates, producing 4,020 barrels per day. Iran, along with these two countries, is among the top 10 oil producing countries.

(3) Exports of Goods and Services

By the end of 2022, the original members of BRICS contributed to 18.28% of the global export of goods and services. With the addition of the six new economies, BRICS would now represent 20.58%. Out of the 12 members, China contributes as much as 12% of the global exports, with India coming in next at 2.5%. The graph below shows the share of exports of the original BRICS countries over time, where China’s share of global exports was 7.87% in 2009 (when BRICS was formed) and rose to 12.07% by the end of 2022.

(4) Population

The grouping went from having a 40.9% share of the global population to 46%. India and China are two of the world’s most populous nations. Among the new entrants, Ethiopia and Egypt have the largest populations.

Here is a summary of how the expansion has changed the group’s position for the four metrics.



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