MEMBERSHIP IN BRICS (Syllabus: GS Paper 2 – IR)

Context: Pakistan recently applied for membership in the BRICS grouping and sought Russia's support, as confirmed by the country's envoy to Moscow.

BRICS

• About: It  is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa (included in 2010)
• Founded By: 2009.
• Headquarters: Shanghai.
• Members: Brazil, Russia, India, and China
• Six New Members: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates- will be added to the bloc in January 2024.

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 a 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.