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Tag Archives: BRICS

The BRICS Acronym May Soon Be Getting Longer

07 Thursday Sep 2023

Posted by grewallevymarketingnews in Chapter 08: Global Marketing, Marketing Tidbits

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BRICS, global marketing, International Relations

The similarities that define the BRICS, including the growing economic strength and populations of the formerly underdeveloped nations of Brazil, Russia, India, China, and South Africa, sometimes appear to disguise the significant differences across these diverse countries. A recent summit of leaders of these countries has brought those differences into relief though, in the form of their diverse positions on the question of whether to expand to include other countries. Some of these possible new members include Argentina, Saudi Arabia, Indonesia, and Egypt, as well as Iran. In addressing these considerations and staking its preferred position, China has expressed a strong desire to invite new members, seemingly due to its preference to build the BRICS group into a counterpoint to the G7 forum of Western, more developed countries. But in contrast with China’s authoritarian government, India, the world’s largest democracy, hopes to maintain close, friendly ties with both its BRICS counterparts and powerful Western nations and markets. Russia is in a precarious positions, due to its warmongering, such that its prime minister was invited to the latest meeting only remotely, via video. In its determination to establish neutrality, South Africa recently sought to lead peace talks between Russia and Ukraine; its attitude toward the future of the BRICS similarly takes a neutral stance. Brazil appears focused more on the economic potential of the group, noting its ability to encourage other nations to grow and benefit their populations. It seems less interested in the BRICS as a geopolitical power. Although these questions might start to be addressed in coming months, and the group might expand, the bigger questions, involving how these disparate political, economic, and global markets choose to collaborate, remain pressing challenges for the future. 

Sources: David Pierson, Lynsey Chutel, Jack Nicas, Alex Travelli, and Paul Sonne, “The BRICS Club of Emerging Nations Debates Letting Others In,” The New York Times, August 21, 2023

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