Why many countries want to join BRICS

The XV BRICS summit, held in August 2023 in Johannesburg, has gone down in history as the most representative: more than 60 countries were invited to participate in its work, 5 of which joined the association from 1 January 2024.

In an exclusive interview with TV BRICS, Alisa Kozelko, an expert in foreign policy and economics from Argentina, Brazil, Mexico, and an international journalist, gave five reasons why the BRICS alliance is so attractive to many countries.

First, from the political point of view, BRICS positions itself as a platform for dialogue on a wide range of issues, which is an analogue to the organizations created in the era of the Bretton Woods system. BRICS is attractive because dialogue within its framework is conducted on an equal basis, unlike such structures as the IMF, where the G7 countries have more than 40 per cent of votes.

Secondly, from an economic perspective, BRICS has the potential for rapid economic development, expressed in the co-operation of its member states on key tracks such as:

– increasing investment attractiveness (possibility of joining the New BRICS Development Bank with a charter capital of US$100 billion);

– intensification of mutual foreign trade turnover (reaching US$8,5 trillion in 2022).

Third, the BRICS format is a platform for dialogue that does not bind its participants to allied security commitments.

Fourth, the BRICS format is interesting from the point of view of ESG trends. The BRICS agenda touches upon issues such as socio-economic sustainability, cooperation in green innovation and low-carbon development, and environmental protection, which the accession candidates are also interested in promoting.

Fifth, in terms of intercultural communication. Bringing together countries with different cultures, BRICS is actively developing strategies to use cultural exchanges as a catalyst for economic growth of member countries.

*Editorial opinion may not coincide with the positions of experts.