BRICS Expansion

BRICS Expansion

News: Recently, during the 15th BRICS Summit, leaders decided to expand the grouping and admit six new members.

Key Highlights of BRICS Summit:
• Theme - “BRICS and Africa - Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism”.
• Johannesburg Declaration II - It emphasizes inclusive multilateralism, peaceful development, sustainable growth, and people-to-people exchanges.
• BRICS Expansion - Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates are included as a new member in BRICS grouping. They will formally become members on Jan. 1, 2024.

What is the need of Expansion?
• BRICS presented itself as a force for a “rebalancing” of the global order away from Western-dominated institutions.
• Global institutions reflect the power realities of their creation, and as power realities change, their efficacy becomes contested.
• Currently, Western countries dominate international bodies, such as the United Nations, the International Monetary Fund or the World Bank. The five BRICS nations, with a combined GDP larger than the G7 (purchasing power parity terms), currently hold only 15% of the voting power at the IMF.

What is India’s interest in expansion of BRICS?
• Egypt - India and Egypt signed a strategic partnership earlier in the year and India has historically supported Egypt during Suez Canal crisis in 1956 and we have signed a Friendship Treaty in 1955.
• Argentina - India has had a strategic partnership with Argentina since 2019. For Argentina, access to the New Development Bank will help them overcome economic challenges it faces.
• Iran - India and Iran have had a strategic partnership since 2003. Iran remains a crucial partner due to its proximity to Central Asia and its borders with Afghanistan and Pakistan.
• UAE - In 2017, India and the UAE upgraded their relationship to a “Comprehensive Strategic Partnership.” In 2021, India participated in a quadrilateral meeting alongside the UAE, which has since evolved into the ‘i2u2’ grouping.
• Saudi Arabia – India has a strategic partnership with Saudi Arabia.
• Ethiopia - India has supported Ethiopia’s position at the UN on issues from the Tigray crisis to the controversy over the Grand Ethiopian Renaissance Dam.

Challenges in BRICS:
• New Development Bank has been sluggish in lending primarily after sanctions put against Russia.
• Several Geo-political confrontations has influenced the functioning of grouping. For example, India-China relation. Also, expansion of BRICS grouping will further add to the problems as Saudi-Iran have their own problems.
• BRICS operates through consensus, but increasing its members may make it more challenging to reach due to each country’s unique interests, priorities, and relationships.

Way Forward
• Strengthening the New Development Bank by bringing in more stakeholders and exploring the idea of a BRICS currency.
• BRICS expansion would bolster India’s push for UN reform, more representation of the global south and the expansion of the UN Security Council.

DICS Branches

Our Branches

DICS Ahmedabad


(Head Office)

Address : 506, 3rd EYE THREE (III), Opp. Induben Khakhrawala, Girish Cold Drink Cross Road, CG Road, Navrangpura, Ahmedabad, 380009.

Mobile : 8469231587 / 9586028957

Telephone : 079-40098991



Address: A-306, The Landmark, Urjanagar-1, Opp. Spicy Street, Kudasan – Por Road, Kudasan, Gandhinagar – 382421

Mobile : 9723832444 / 9723932444


DICS Vadodara


Address: 2nd Floor, 9 Shivali Society, L&T Circle, opp. Ratri Bazar, Karelibaugh, Vadodara, 390018

Mobile : 9725692037 / 9725692054


DICS Surat


Address: 403, Raj Victoria, Opp. Pal Walkway, Near Galaxy Circle, Pal, Surat-394510

Mobile : 8401031583 / 8401031587


DICS New Delhi

New Delhi

Address: 53/1, Upper Ground floor, Near Popular juice, Old Rajinder nagar, New Delhi -60

Mobile : 9104830862 / 9104830865