The BRICS alliance has been a constant headline so far this year, with the idea of growth on the horizon for the collective. Specifically, China and Russia are leading expansion efforts in hopes of challenging US dominance.
Ahead of the annual summit set to take place in South Africa this summer, expansionary efforts are set to be discussed. Moreover, it was already reported that more than 19 countries have submitted membership requests to the BRICS Alliance. With the collective discussing growth as they gather in June.
BRICS Alliance Increasing its Global Influence
The US has long been the dominant global power. Following World War II, left untouched by the horrors and with a plethora of natural resources, the country positioned itself as a global superpower. Yet, 2023 has shown that one entity is seeking to ultimately usurp that influence.
Specifically, the BRICS alliance is settling in to challenge the global status quo. Specifically, China and Russia are set to lead potential expansion in that pursuit. Bloomberg reported that the upcoming BRICS summit will be headlined by expansion discussions. Additionally, note that new applications for membership arrive every day.
The collective of Brazil, Russia, India, and China has not expanded since the inclusion of South Africa into the BRICS Alliance in 2010. Yet, as the fastest-growing economic bloc, the potential dominance of world trade by the year 2050 appears to be the goal.
Initially, the prospect of growth was approached with hesitancy by the bloc. Specifically because of the power held by China, with a GDP that already outpaces all others. Subsequently, the inclusion of its allies would create an imbalance of power and influence within the collective.
Conversely, it appears as though perspectives have changed. Moreover, the bloc has reportedly received interest from a host of Middle Eastern and African nations. Additionally, with the national resources held by China and Russia, nations are clearly seeing the benefit of joining the BRICS Alliance. Ultimately growing into an eventual threat to US dominance.