Why BRICS membership appeals to many countries

Russia will host the 16th BRICS summit from October 22 to 24 in Kazan, marking the first-ever summit since the group's membership expanded from five to 10.

Originally established in 2006 by Brazil, Russia, India and China, the four-member group aimed to create a new cooperation mechanism that represents the strengths and interests of emerging market countries. The group was initially given the acronym BRIC based on the initials of its founding members.

It witnessed its first expansion in 2010 when South Africa joined the group, prompting a change in the acronym to BRICS. The second expansion occurred in January, when the group welcomed Saudi Arabia, Egypt, the United Arab Emirates (UAE), Iran and Ethiopia.

Data from the World Bank show that as of 2023, BRICS accounted for 27 percent of the world's GDP and 45 percent of the global population. With the inclusion of Saudi Arabia, the UAE and Iran, BRICS now comprises three of the world's largest oil exporters, representing 42 percent of the global oil supply, according to the Netherlands-based investment bank ING.

As multiple countries, including Cuba, Syria, Malaysia and Türkiye, have expressed interest in joining BRICS, the significance of the grouping is poised to increase in the coming years.

Wang Youming, director of the Institute of Developing Countries at the China Institute of International Studies, stated that the scale and appeal of BRICS effectively enhance its international influence, making it a significant force for fundamentally changing the global power structure.

He noted that the establishment and expansion of BRICS demonstrate that developing countries are unwilling to remain sidelined in international matters and refuse to be the "silent majority." With more countries applying to join the group, they aim to work together towards a more equitable, just and multipolar international order.

To achieve its goal of establishing a new cooperation framework that represents the strengths and interests of emerging market countries, the group has developed several mechanisms over the past 18 years. These include leaders' summits, ministerial meetings, and cooperation in various fields such as the economy, energy, trade and technology. BRICS is widely regarded as a constructive force in promoting world economic growth, improving global governance, and fostering democracy in international relations.

According to the New Development Bank, which was formally established in 2015, it had approved at least 98 projects in BRICS member countries as of July 2023, with a total investment of approximately $33.2 billion. These projects cover areas including clean energy, transport infrastructure, environmental protection and digital infrastructure.

Wang also highlighted that in recent years, BRICS countries have advocated for the reasonable and deserved rights of developing nations in areas such as geopolitical issues, climate change, food security, disease prevention and control, and IMF quota reform.

These efforts have helped dispel doubts among developing countries, particularly in the Global South, about whether emerging powers would prioritize their interests in competition with the Western bloc. Wang added that these initiatives have also attracted more developing countries to BRICS.