BRICS has become eleven countries instead of five.

[coupable]

https://www.nytimes.com/2023/08/24/world/europe/brics-expansion-xi-lula.html
https://www.independent.co.uk/news/world/africa/brics-2023-summit-new-members-saudi-uae-iran-b2398553.html
https://www.reuters.com/world/brics-expansion-hopefuls-seek-rebalance-world-order-2023-08-21/

Today, at the start of the closing day of the BRICS meeting, the President of South Africa announced an important decision regarding the BRICS acceptance of the invitation of six countries to become new members of the BRICS group. These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina. He also announced a consensus regarding the first stage of expanding BRICS, so that the membership of new members begins on January 1, 2024, while stressing that the doors of membership will remain open to other countries in the future, such as Algeria and Indonesia, which are not yet ready to join.
With the accession of these countries, the BRICS bloc now includes 46% of the world's population (almost half), with a gross domestic product of more than the quarter of the global GDP, which will make it a new engine for the global economy.

Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

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[Yogee]

[....]
Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

It's probably just a wishful thinking at this point but I'm hoping this new "alliance" will be strictly on improving economic ties through trades among member countries and won't be used as a political tool to rival the G7.
Having another major currency that will compete against USD's global dominance is fine but it will be problematic to all if these two will clash and impose sanctions against each other.

[sunsilk]

BRICS is just getting stronger especially with the participation of UAE and Saudi Arabia. This will surely going to give the alarm call to the USA and its alliances.

And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

Yes, it's already the beginning and it's going to set new standard with these economies that's part of it. And as they talk about having a common currency, we have that idea that it's going to be CNY(Chinese Yuan) that will be used on this one.

But I want to see that they're focused in helping each other economies and not just to fall the other one that seems to be their rival.

[pooya87]

with a gross domestic product of 7.2% of the global GDP

This doesn't sound right specially since BRICS includes China which is almost 20% of the global GDP alone with India being the next big one with about 10%.

Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

The New World Order is already established, it is only becoming more solidified with each major move such as creation of multiple economic, military, etc. blocs such as BRICS. It is simply creating these blocs that are not dominated or ruled by a single power that ends up abusing that power too. Instead it is multiple powers and blocs with the chance of such abuses becoming minimal.

There is still a lot of work to be done like establishment of a new payment system to replace SWIFT and possibly even new currency(ies) replacing the US dollar.
There are lots of good work being done though. Already lot of countries have bilateral agreements to trade using their own local currencies and gold. Many of such agreements are made in similar blocs like BRICS, SCO, ASEAN, etc.

As for the effect this will effectively bring more stability to the global economy so that first of all 2008-like incidents don't repeat where the demise of US economy screws the global economy and affects all countries around the globe one way or the other.
And secondly it allows lots of countries be it big or small, weak or strong to grow a lot since in the New World Order they can manage to get out of the US dictatorship preventing them from growth with sanctions and enforcement of laws that were designed to keep them back. Like Pakistan where in order to get a tiny loan from the US controlled IMF they were forced to increase the fuel prices among other things and ruin their economy first!!! In the New World Order a country like Pakistan takes the loan from the new bloc without them meddling in their internal affairs.

[icalical]

The new 6 countries that mentioned in the article seems only got the invitation, none of those country has confirmed that they actually want to join BRICS at least as far as I know and at the time when I write this reply. All that being said if those countries were to join BRICS then it is a new world order indeed, they already got India and China, with UAE, Saudi, and Iran join in the west should really consider to start their move (whatever that move is, but idk). No offense but UAE, Saudi and Iran will have more significant influence than the other three countries.

[be.open]

The new 6 countries that mentioned in the article seems only got the invitation, none of those country has confirmed that they actually want to join BRICS at least as far as I know and at the time when I write this reply. All that being said if those countries were to join BRICS then it is a new world order indeed, they already got India and China, with UAE, Saudi, and Iran join in the west should really consider to start their move (whatever that move is, but idk). No offense but UAE, Saudi and Iran will have more significant influence than the other three countries.

This is wrong. Before the BRICS summit, 22 countries filed formal applications to join the alliance and six applications were granted. Initially, 5 applications were granted, then Ethiopia was added to them for "geographical reasons". Officially, membership in the alliance will begin for new members on January 1, 2024, and the alliance itself will probably be renamed BRICS+.

[Plaguedeath]

This is not looking good, if more and more countries are joining BRICS, then in the end it will be US+EU vs BRICS which is world war 3.

We need to have more and more country to be neutral, so when there's an attack from the another country, the other will support it and cool down the war. If there's only two big group, when a country attack another one, the other country will help and trying to attack back.

[LoyceV]

These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina.

So, what are they going to call it now? BI CAUSERIES? BRICS EU I SEA? BECAUSE SIRI? There are so many possibilities with those extra letters

[rat03gopoh]

This is not looking good, if more and more countries are joining BRICS, then in the end it will be US+EU vs BRICS which is world war 3.

Not going that far, almost all BRICS countries are also active in several global organization which consist of other influential European countries such as the UN, G20 etc. After all, the BRICS does not form military alliances to "aid" a war in its member countries.

[retreat]

-snip-

Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

This is not to create a new world order, but to balance power in a world dominated by the West. We know that developing countries in the world are constantly under pressure from developed countries gathered in the G7. They (G7) want to keep these developing countries like that and do not plan to let these developing countries become more developed. The BRICS steps to be able to present a more profitable and inclusive economic cooperation allow the members who are in it and the countries they work with to be able to prosper their countries and possibly get them out of the zone of developing countries into developed countries.

[GxSTxV]

This is not looking good, if more and more countries are joining BRICS, then in the end it will be US+EU vs BRICS which is world war 3.

We need to have more and more country to be neutral, so when there's an attack from the another country, the other will support it and cool down the war. If there's only two big group, when a country attack another one, the other country will help and trying to attack back.

BRICS organization doesn’t have intentions to start a war or plan for one, it’s more about developing each country industry and economy with more trades between them. Knowing that US controlling the trades all over the world didn’t really help those countries in the opposite it’s making things hard for these countries with the wars that are happening now between Ukraine and Russian. The European countries are locking everything for Russia which is the reason why they want to make a change.
Unfortunately, Algeria wasn’t in the list of new joiners even after the meetings and aid they spent in this organization. One of the things that all people in Algeria were against is locking the economy and trades with the Europe we have a serious lack in product because of focusing much to join BRICS. I hope our government open their eyes to free the trades between Europe and US finally

[SamReomo]

The new 6 countries that mentioned in the article seems only got the invitation, none of those country has confirmed that they actually want to join BRICS at least as far as I know and at the time when I write this reply. All that being said if those countries were to join BRICS then it is a new world order indeed, they already got India and China, with UAE, Saudi, and Iran join in the west should really consider to start their move (whatever that move is, but idk). No offense but UAE, Saudi and Iran will have more significant influence than the other three countries.

This is wrong. Before the BRICS summit, 22 countries filed formal applications to join the alliance and six applications were granted. Initially, 5 applications were granted, then Ethiopia was added to them for "geographical reasons". Officially, membership in the alliance will begin for new members on January 1, 2024, and the alliance itself will probably be renamed BRICS+.

You're right that those 22 countries already applied to become part of the BRICS and after some wait time some of those countries were invited by BRICS which are mentioned in this thread. The remaining countries that applied to join BRICS are in waiting list and after some time they will also be invited in the similar fashion. The BRICS is going to expand far beyond our imagination and in future most of the world will be a part of it. Every country knows that and they want to take advantage of it in the early days because in later days there applications would take longer time to be accepted and invited.

[Fiatless]

These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina. He also announced a consensus regarding the first stage of expanding BRICS, so that the membership of new members begins on January 1, 2024, while stressing that the doors of membership will remain open to other countries in the future, such as Algeria and Indonesia, which are not yet ready to join.

It is good to have more nations in the BRICS alliance because it will help expand its influence and help it achieve its aim. I am pleased to see mainly Iran, United Arab Emirates, and Saudi Arabia because they have big economies but I am only sure of Iran. Saudi and UAE can be easily influenced by the West and might fail to facilitate the policies of the alliance. But Iran has what it takes to pursue the BRICS agenda because they have built a sanction-proof economy. Iran will be able to teach these nations how to survive sanctions which is the major instrument of oppression. If this organization wants to achieve its goals, they have to be united and pursue a common goal without fear of intimidation and oppression.

[bitmover]

Today, at the start of the closing day of the BRICS meeting, the President of South Africa announced an important decision regarding the BRICS acceptance of the invitation of six countries to become new members of the BRICS group. These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina.

As a Brazilian,  I see this as a terrible news.

Dictatorships and poor countries like Argentina which are controlled by failed ideologies. I wouldn't be surprise to see Cuba and North Korea as next addition to the group.

I will add this quote by groucho Marx, which clearly represents what I think.

[Faisal2202]

To be honest, these countries are also lower in numbers, but just think of most of the countries other than the previous one and some of the 2 or 3 new countries that have now been added to the five-country list. Are already struggling with their economic situations, and countries facing economic crises always end up with the support of the US.

I will not say how things turn out because we are all educated enough to understand that. The point is how much impact this grouping will have on the economy and the US. Which you also asked. Well, long story short, this will have a good impact for those who have to pay huge debt to the US because once the BRICS start to succeed, dedolarization will start and it will become easy for a country stuck in a debt cycle.

While it might not be a good thing for a country that has no debt in US dollars but has reserves in US dollars, Because dedolarization will decrease their portfolio. Other than these impacts, there are many others, and shedding light on all of them is going to take too much time.

[coupable]

I was following the news all day and I noticed the agreement of analysts that both Morocco and Algeria were strong candidates to join the BRICS, but that was not possible because there is a geopolitical dispute between them over the Western Sahara issue. This was explained by the acceptance of membership by Ethiopia and Egypt, which apparently reached a consensus between them on the issue of the Grand Ethiopian Renaissance Dam.

It seems that today is Russia's lucky day, since the BRICS group has become an integrated global pole, which will help it strengthen its global position against Western sanctions. And also because of the death of the leader of the Wagner Group, who was a challenge to the Kremlin after leading the recent coup attempt.

[bitLeap]

I will not underestimate the BRICS congress, they really want to try to change the stigma associated with world finances. Whether we admit it or not, we cannot rule this out, the BRICS is filled with the countries with the most populous population, even India has just announced Chandrayaan-3 successfully landed on the moon and made India one of the countries with the lowest costs for this. According to Bridenstine

"India in its ambition must have the desire to invest more and develop capabilities that are more on par with the United States,". Isn't this a challenge where when the BRICS might be motivated to continue to be the US as one of the countries to compete with.

So this is only 1 country among the BRICS countries which is highly developed, if all countries start to have a way of thinking and are very motivated then the US will be increasingly threatened, let alone its finances in the world.

[Davidvictorson]

Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

It is too early in my estimation to jump into conclusion about this. We are still observing the developments. Since it is a new group it is expanding. From what has been reported over 40 countries applied. Some interesting things to note about his group is that it aims to reduce reliance on politicized US dollar, enhance trade with local currencies. I think that this is good. Although my country is yet to join(I don't know if she will), yet I have argued in one of my posts in my local board that my country's economy will fare better if we move away from the heavy reliance on the US Dollar. Of course other steps needs to be taken in addition to this but this in itself if it happens will be a game changer.

[Gyfts]

BRICS is an economic partnership first, so their geopolitical ambitions are predicated on how aggressive they choose to be. We don't know what this looks like quiet yet. You can consider their strength relative to G7 to be proportional to the aggregate GDP of all combined members of BRICS and G7 respectively.

The more countries that join, the greater threat they become to G7.

[Unbunplease]

Economic unions, as history shows, are constantly transforming. The political situation in countries can change dramatically, and one or another economic union will simply lose its relevance. The larger BRICS becomes, the more internal disputes and disagreements will arise.