Will BRICS Change Its Name After Expansion?

Vinod Dsouza
brics countries flags
Source: ft.com

BRICS is an acronym of five nations that include Brazil, Russia, India, China, and South Africa, and are the founding members. The bloc inducted four new countries this year consisting of the UAE, Egypt, Iran, and Ethiopia. The expansion makes BRICS a 10-member group from 2024 leading it to become financially stronger.

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However, Argentina was the first country to reject BRICS membership as the newly-elected president Javier Milei is skeptical about the group. Additionally, Saudi Arabia has yet to join the alliance and has kept the decision of joining pending. Read here to know why Saudi Arabia might also decline the BRICS membership in the next few weeks.

Now that BRICS has seen an expansion, will the group change its name to something new? In this article, we will highlight if the BRICS expansion will force the alliance to change its name on the global stage.

Also Read: BRICS: Bank of America Issues Warning of a US Dollar Collapse

BRICS To Change Its Name After Expansion?

brics countries flags gdp
Source: economictimes.com

Russian diplomat Yury Ushakov confirmed that BRICS might not change its name even after the recent expansion. He explained that the bloc would keep the name unchanged as it is an alliance that is “well-recognized in the world”. The diplomat emphasized that BRICS will continue using the same name even after new countries join the bloc through expansion.

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“By the way, it was also agreed at that time to keep unchanged the name BRICS, which is well-recognized in the world, even after the enlargement. This allows us, among other things, to further emphasize the continuity of our work in the association, as well as the key role of the founding countries,” Ushakov said to Tass.

Also Read: BRICS Prepares to Launch Currency in 2024

The next summit is scheduled to be held in October this year in the Kazan region of Russia. The 16th BRICS summit could also see the group inducting many other new developing countries via expansion.