BRICS conference in South Africa: Deliberating membership amidst economic growth and geopolitical implications

In a significant development, estimations are being questioned regarding whether the BRICS group will soon surpass the economic size of the Group of Seven (G7) nations led by the United States.

This query coincides with discussions about the aspirations of 19 countries, including Saudi Arabia and Iran, to join BRICS.

At its conference in South Africa, the BRICS group is preparing to deliberate on the membership of these new countries alongside its existing members: Brazil, Russia, India, China, and South Africa, the country with the fastest economic growth globally.

The expansion of BRICS membership will be the focal point, while the group's foreign ministers also intend to address sensitive topics, including the developments in Sudan.

The expansion of the BRICS group carries significant implications, undoubtedly favoring Beijing, the world's second-largest economy. China seeks to build diplomatic influence, particularly in rivalry with the United States.

However, China has already positioned itself as a successful mediator between Saudi Arabia and Iran, facilitated by visits from their respective foreign ministers. Furthermore, China has made efforts to act as a peace mediator between Russia and Ukraine.

According to a Bloomberg report, the potential changes to the BRICS group come when advanced countries in Europe and North America seek to strengthen alliances, form new blocs, and sign trade and security agreements. However, not all members of BRICS are enthusiastic about the idea of expansion, as they fear a potential decline in their own influence.

Among other countries expressing interest in joining the BRICS group are Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, and Indonesia, along with two countries from East Africa and one from West Africa.

If oil-producing countries were to join BRICS, questions would arise regarding the impact of the petrodollar policy followed by the Organization of the Petroleum Exporting Countries (OPEC) since the 1970s.