However, the group successfully demonstrated its progress during its annual meeting in Russia this past week.
Brics officially welcomed four new members: Egypt, Ethiopia, Iran, and the United Arab Emirates. The three-day event was attended by top officials from 36 nations and the UN Secretary General. There may be more membership expansions in the near future. Since its founding (as the Bric nations) in 2006, the Brics have only recruited one additional member, South Africa in 2010.
Brics, which has long positioned itself as an alternative to global governance paradigms established by the West, is gaining popularity.
As it takes advantage of growing discontent with Western financial and policy systems, it is becoming more well-known and significant today.
Ironically, one of the main winners of the Brics’ development and growth is India, arguably the most Western-oriented member.
The majority of the new Brics members have close relations to India. Egypt is one of the Middle East’s expanding trading and security partners. In general, the UAE is one of India’s most significant allies, along with Saudi Arabia, which has been extended an invitation to join the Brics but has not yet done so. Ethiopia and India have one of Africa’s closest and oldest relationships.
The original members of Brics still provide India with significant advantages.
