Xi’s Call for Turbocharging BRICS Expansion Strategy
Chinese President Xi Jinping has called for accelerating the expansion plan of the BRICS group, a bloc of five major emerging economies: Brazil, Russia, India, China, and South Africa.
Xi made the call during the 14th BRICS Summit, which was held virtually on June 23, 2023. In his speech, Xi said that the BRICS countries should “seize the historic opportunity” to expand the group and “build a high-quality BRICS partnership.”
Xi’s call for expansion is significant because it comes at a time when the BRICS countries are facing increasing pressure from the United States and its allies. The US has been trying to isolate China and Russia, and it has been pressuring other countries to join its sanctions against these countries.
The BRICS countries have been working together to counter the US’s efforts. They have established a number of financial mechanisms, such as the BRICS New Development Bank and the Contingent Reserve Arrangement, to reduce their reliance on the US-dominated financial system.
They have also been working together to develop new technologies, such as artificial intelligence and 5G, to boost their economic growth.
The expansion of the BRICS group would further strengthen the ties between these countries and would give them a stronger voice on the global stage.
The Benefits of BRICS Expansion
There are a number of benefits to expanding the BRICS group. First, it would increase the group’s economic clout. The BRICS countries already account for over 40% of the world’s population and 25% of the world’s GDP. Adding new members would further increase their economic power.
Second, BRICS expansion would help to diversify the group’s membership. Currently, the BRICS countries are all located in Asia or South America. Adding new members from other regions, such as Africa or the Middle East, would make the group more representative of the global economy.
Third, BRICS expansion would help to promote South-South cooperation. The BRICS countries are all developing economies, and they share a common interest in promoting economic development and reducing poverty. Expanding the group would give them a stronger platform to work together on these issues.
The Challenges of BRICS Expansion
There are also some challenges to BRICS expansion. First, it would be difficult to agree on which countries to admit. The BRICS countries would need to consider a number of factors, such as the country’s economic size, its political stability, and its commitment to the BRICS principles.
Second, BRICS expansion could lead to tensions within the group. The BRICS countries are all at different stages of development, and they have different interests. Expanding the group could make it more difficult for the countries to reach consensus on important issues.
Conclusion
Despite the challenges, the benefits of BRICS expansion outweigh the risks. Expanding the group would increase the group’s economic clout, diversify its membership, and promote South-South cooperation. Xi Jinping’s call for acceleration of the expansion plan is a positive step, and it is likely that the BRICS group will expand in the years to come.