The five member nations of the BRICS economic bloc are developing guidelines to address the growing interest of other countries wanting to join the bloc. South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, revealed the news while addressing the South African line ministry on “Strengthening Partnerships for a Fairer and More Equitable Global System”.
BRICS Nations Receiving Daily Applications to Join
According to Anil Sooklal, South Africa’s ambassador to the BRICS group, the bloc is currently receiving applications to join on a daily basis. 13 countries have already formally applied to join, while six others have expressed interest informally. Countries like Saudi Arabia and Iran are reported to be among the countries that have expressed interest in joining.
BRICS Can Drive an Inclusive and Forward-Looking International Development Agenda
The BRICS group has been making efforts to expand its global influence in recent years. Pandor highlighted the importance of fostering global cooperation by establishing influential alliances that collaborate with the United Nations to drive an inclusive and forward-looking international development agenda. She noted that the BRICS group has the potential to fulfill this transformative role.
South Africa Benefits from Partnership with BRICS
Pandor noted that South Africa’s partnership with the BRICS group has resulted in tangible benefits across multiple sectors. She revealed that South Africa’s total trade with BRICS countries has increased from $25 billion in 2017 to $36 billion in 2021. In addition, South Africa has secured more than $5 billion in funding from the group’s New Development Bank (NDB) for key infrastructure projects in renewable energy, water, and other sectors.
The BRICS group is also working on creating a common currency that will help its members reduce reliance on the U.S. dollar. The topic is expected to be discussed at the BRICS leaders’ summit in August. With the growing interest in the alliance, many countries are looking for a multipolar forum that is modern, inclusive, and focused on the common good.