Foundation

<p>With over 40% of the world’s population and nearly 26% of the global economy, the BRICS are increasingly asserting themselves as an emerging power, to the point of competing with major groups such as the G7. This grouping of emerging countries has the wind in its sails, and is attracting numerous applications for membership. These applications may not be accepted any time soon, as Brazil is reportedly opposed to the group’s expansion.</p> 
<h2 id="china-russia-and-south-africa-all-in-favor-of-expansion">China, Russia and South Africa all in favor of expansion</h2> 
<p>The ever-growing influence and economic clout of the BRICS has prompted many countries to apply for membership of the group. According to the latest information, some <a href="https://www.cointribune.com/en/brics-vers-ladhesion-dau-moins-40-pays-2/" target="_blank" rel="noopener noreferrer nofollow">40 countries are interested</a> in joining the BRICS. China, Russia and South Africa are all in favor of expanding the group. In a statement, the Chinese Foreign Ministry said that China “supports progress in expanding membership and invites more like-minded partners to join the BRICS family as soon as possible.”</p> 
<div class="my-4"> 
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>Russia has also declared that expansion will be one of the main topics to be discussed at the coalition’s next summit. South Africa, for its part, organized a meeting last June with countries interested in joining the group. India, long opposed to expansion, also seems to have softened its resistance, according to Oliver Stuenkel, professor at the Getulio Vargas Foundation in São Paulo and BRICS observer.</p> 
<h2 id="brazil-remains-opposed-to-expanding-the-group">Brazil remains opposed to expanding the group</h2> 
<p>Brazil is now the only country opposed to the idea of enlarging the group of emerging countries. According to some <a href="https://www.reuters.com/world/brazil-now-main-holdout-against-brics-expansion-sources-say-2023-08-02/" target="_blank" rel="noopener noreferrer nofollow">sources</a>, the country is concerned about the cohesion of the group and would like to retain its influence in this coalition. “Expansion could transform the bloc into something else. Brazil’s position is based on the cohesion of the group and the preservation of our place in a group of important countries”, said a Brazilian official who requested anonymity.</p> 
<p>However, some experts believe that, like India, Brazil may soon reconsider its position. The country could support a gradual expansion of the group, provided that the five permanent members retain pre-eminent roles.</p> 
<p>Countries such as Indonesia, Iran and Saudi Arabia are among the contenders for membership of this coalition of emerging nations. The BRICS, which are planning to launch their own currency, could see their influence increase with the accession of these countries.</p>

BRICS expansion: Brazil says no!

Spis treści

Cointribune EN

Inne artykuły opublikowane 4 sie 2023

Will MU Stock Price Reach Near its 20-day Moving Average?

Litecoin and ApeCoin Seek Price Consolidation, Tradecurve Ready To Soar To New Highs

Ethereum Price Doldrums: How to Survive Second Stage Capitulation

Starknet Layer 2 goes live for trading on OpenOcean

Here’s Everything Users Need to Know About LSDFI Protocol

TokenInsight Rating Monthly Review: July 2023

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!