BRICS Economic Bloc Welcomes New Oil Giants, Boosting Russia and China
The BRICS economic bloc, consisting of Brazil, Russia, India, China, and South Africa, has announced the addition of six new members, including some of the world’s largest oil-producing nations. This move has been hailed as a strategic success for Russia and China, as it strengthens their position and influence in the global economic landscape.
Professor Dr. Daniela Schwarzer, an executive board member at Bertelsmann Stiftung, a German independent foundation, explained in an interview with Austria’s Der Standard newspaper that the inclusion of major oil and gas exporters such as Iran, Saudi Arabia, and the United Arab Emirates (UAE) is a significant development for China and Russia. She emphasized that Western leaders need to recognize this expansion as an attempt by BRICS to establish a serious counterweight to the declining influence of the G7.
The BRICS leaders announced the invitation extended to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE during their recent 15th annual summit. According to Russian Deputy Foreign Minister Sergey Ryabkov, all six countries have accepted the invitation and will officially join the bloc on January 1, 2024.
Belarusian President Alexander Lukashenko, commenting on the expansion, stated that while he believes Western hegemony has not yet ended, the inclusion of new members in the economic bloc is a strong step towards a more multipolar world. Belarus is among the 23 countries that have formally applied to join the BRICS group.
In their official declaration, the BRICS leaders emphasized the importance of promoting the use of local currencies in international trade and financial transactions. This move aims to reduce their reliance on the U.S. dollar and enhance the autonomy of the BRICS nations.
The decision to incorporate major oil giants into the BRICS economic bloc is perceived as a significant achievement for Russia and China. It strengthens their strategic position and influence while providing a counterweight to the dominance of the G7. The inclusion of new members also marks a step towards multipolarity in the global economic landscape.
As the BRICS bloc expands, it will be interesting to observe how this development shapes international relations and economic dynamics in the coming years. The continued growth and cooperation among these emerging economies will undoubtedly have a substantial impact on the balance of power in the global arena.
