BRICS Expands With 9 New Partner Countries. Now It’s Half of World Population, 41% of Global Economy
BRICS, the forum for economic cooperation led by nations from the Global South, continues to expand its influence as it endeavors to de-dollarize and reform the international monetary and financial systems. In a significant stride forward, BRICS will officially embrace nine new nations as partner countries on January 1, 2025, after having added four new members in 2024.
The inclusion of these new partner countries brings BRICS’ share to nearly half of the world’s population and over 41% of the global GDP (at purchasing power parity). The organization is becoming a formidable economic entity that includes leading producers of key global commodities such as oil, gas, grains, meat, and minerals.
In October 2024, during the BRICS summit in Kazan, Russia, thirteen countries were invited to become partners, marking a step closer to full membership in the near future. Nine of these nations accepted the invitation, contributing further to BRICS’ burgeoning presence in the global economic landscape. The remaining four, namely Algeria, Nigeria, Turkey, and Vietnam, had not provided a formal response by the end of 2024.
BRICS’s journey began in 2009, originally formed by Brazil, Russia, India, and China as BRIC. The organization expanded in 2010 with the inclusion of South Africa. The 2023 summit in Johannesburg saw another significant expansion with invitations extended to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Egypt, Ethiopia, Iran, and the UAE accepted and joined as members in January 2024, with Argentina retracting its decision under new political leadership, and Saudi Arabia yet to finalize its stance by the end of 2024.
The addition of partner nations means that nine out of the twenty most populous countries are now part of BRICS, collectively representing a population nearing four billion people, or roughly half of the world. Countries like India and China, ranking as the most populous, enhance BRICS’ demographic significance.
In terms of economic might, BRICS continues to assert itself against traditionally influential blocs. The original five members constituted 33.76% of world GDP in October 2024, a figure surpassing that of the G7, further influenced by China’s rapid economic ascendancy. BRICS’ economic share grows to 41.41% when considering the latest partner additions, indicating a robust challenge to existing global economic orderings.
However, GDP as a measurement has its limitations, as it might not fully encapsulate a nation’s productive capabilities or accurate economic health. Unlike sectors that may inflate GDP through non-productive means, BRICS members substantiate their economic influence through significant productive outputs in world-leading sectors.
BRICS countries are at the forefront of global production in vital areas. A noteworthy aspect is their dominance in agriculture and food production. For example, Brazil, India, and China collectively hold a substantial share of global sugar cane production, while China, India, and Russia lead global wheat production. Several new partner nations, including Indonesia, Malaysia, and Thailand, control a major portion of global oil palm fruit production.
Furthermore, BRICS countries have a significant stake in global meat and seafood production sectors, positioning themselves as indispensable providers in global food security. Such substantial contributions extend to the energy sector, where BRICS nations are pivotal in both renewable energy transitions and crude oil and natural gas production.
Strategic minerals also showcase BRICS countries’ critical role, with leadership in the production of iron ore, copper, and nickel, resources essential for various industrial applications. The inclusion of nations like Indonesia further solidifies BRICS’ stance as a powerhouse in global mineral production.
The synergy of these formidable economic capabilities among BRICS members and partners underscores their potential to redefine global economic dynamics. By effectively coordinating and leveraging these resources, BRICS can position itself as a transformative force on the world stage, influencing international economic policies and practices.
As the organization continues to grow, the integration of expanding memberships and partnerships offers BRICS the strategic opportunity to consolidate their influence. This potential to redefine the global economic landscape remains contingent on coordinated action and collaborative strategies among member nations, which could lead to substantial shifts in the global economic paradigm.
