15TH BRICS SUMMIT (Syllabus: GS Paper 2 - International Organisations)

Context: India welcomes the expansion of the BRICS grouping through a consensus based approach.

The 15th BRICS Summit 2023 is the fifteenth ongoing annual BRICS summit which is hosted by South Africa.

Key Points

Twenty two nations have formally applied to become members of the BRICS economic bloc.
An equal number have also informally sought to join the organisation that groups Brazil, Russia, India, China and South Africa.
Countries including Saudi Arabia and Iran have formally asked to become BRICS members, while countries that expressed an interest in joining include Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain and Indonesia.

India questioned the criteria for Brics membership and seeks clear guidelines for new entrants.

Criteria for eligibility in BRICS:

There is no formal application process as such to join BRICS, however, certain eligibility features are considered for new members:

Economic Size: India had suggested a minimum of $400bn GDP for new members
Trade Volume: India had suggested minimum BRICS trade of $50 billion with the new member
Emerging Economy Status: The country should demonstrate characteristics of an emerging economy, including growth potential, industrialization, and development trajectory.
Political Stability: Membership often requires the candidate country to have a stable political environment, good diplomatic relations with existing members, and a commitment to democracy.
Mutual Consensus: Existing BRICS members usually need to reach a consensus on admitting new members, which is crucial for expansion.

BRICS (Brazil, Russia, India, China, and South Africa)

In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.