Leaders of the BRICS group Brazil, Russia, India, China South Africa have invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to join. The new candidates will be formally admitted as members on January 1, 2024.

  • Argentina: A serial defaulter that has long struggled with inflation and currency crises, is the biggest borrower from the IMF.
  • Egypt: Egypt is facing its own economic crisis and is the IMF’s second largest debtor.
  • Ethiopia: Ethiopia is the second most populous country in Africa and once one of the continent’s fastest-growing economies, is reeling from the devastation of a two-year civil war in the country’s Tigray region, which ended in December, amid evidence of widespread human rights abuses.
  • Saudi Arabia and the UAE are traditionally close allies of America, but have recently fostered closer ties with China which has stepped up its presence in the region amid a perceived power vacuum left by the US.
  • Iran and Saudi Arabia are arch rivals, though earlier this year they restored diplomatic ties in a deal Brokered by China.
  • India and Brazil have expressed concerns about the bloc potentially becoming too anti-Western and dominated by Beijing, and some of the new members may be similarly skeptical.
  • China is battling its own economic woes at home – from a spiraling property crisis and mounting local government debt to record youth unemployment and an ageing population. Many economists believe the world’s second largest economy is entering an era of much slower growth, which can have a profound impact on the global economy.
  • Competition and potential friction between China and India, whose ties have already been strained by a simmering border conflict. Sino-Indian competition for the leadership of the Global South is now bound to sharpen with China having a clear advantage. While India does have good relations with all of the new BRICS members, China’s deep pockets and its ability to fill the post-American vacuum especially in the Middle East would mean that China will be able to influence the institution far more than India could. The rivalry and tensions between China and India, as well as between Iran and Saudi Arabia, mean that issues they can agree upon and jointly act upon are unlikely to be significant in number and in nature.
  • Russia

Exports and Imports

  1. Argentina (Exports to Brazil, China, UAE, India, Chile. Imports from China, Brazil, USA, Germany, Paraguay)
  2. Brazil (Exports to China, USA, Argentina, Netherlands, Chile. Imports from China, USA, Germany, Argentina, India)
  3. China (Exports to USA, Hong Kong, Japan, South Korea, Germany. Imports from South Korea, Japan, USA, Australia, Chinese Taipei)
  4. Egypt (Exports to USA, Turkey, Greece, Italy, India. Imports from China, Saudi Arabia, USA, Russia, Turkey)
  5. Ethiopia (Exports to UAE, USA, Somalia, Saudi Arabia, Germany. Imports from China, India, USA, UAE, Ukraine)
  6. India (Exports to USA, UAE, China, Bangladesh, Hong Kong. Imports from China, UAE, USA, Switzerland, Saudi Arabia)
  7. Iran (Exports to China, Turkey, Pakistan, Armenia, India. Imports from China, UAE, Turkey, Brazil, Germany)
  8. Russia (Prior to War) Exports: China, Netherlands, USA, UK, Italy. Imports from Germany, Belarus, South Korea, Poland)
  9. Saudi Arabia (Exports to China, India, Japan, South Korea UAE. Imports from China, UAE, USA, India, Germany)
  10. South Africa (Exports to China, USA, Germany, UK , India. Imports from China, Germany, India, USA, Saudi Arabia)
  11. United Arab Emirates (Exports to India, Japan, China, Saudi Arabia, Iraq. Imports from China, India, USA, Saudi Arabia, Germany)

Trading outside BRICS

  1. Argentina (Exports None. Imports USA, Germany, Paraguay)
  2. Brazil (Exports USA , Netherlands, Chile. Imports USA, Germany)
  3. China (Exports USA, Japan, South Korea, Germany. Imports South Korea, Japan, USA, Australia, Chinese Taipei)
  4. Egypt (Exports USA, Turkey, Greece, Italy. Imports from USA, Turkey)
  5. Ethiopia (Exports to USA, Somalia, Germany. Imports USA, Ukraine)
  6. India (Exports USA, Bangladesh. Imports USA, Switzerland)
  7. Iran (Exports Turkey, Pakistan, Armenia. Imports Turkey, Germany)
  8. Russia (Prior to War) Exports: Netherlands, USA, UK, Italy. Imports from Germany, Belarus, South Korea, Poland
  9. Saudi Arabia (Exports Japan, South Korea. Imports USA, Germany)
  10. South Africa (Exports USA, Germany, UK . Imports from China, Germany USA)
  11. United Arab Emirates (Exports Japan, Iraq. Imports from USA, Germany)

Countries Trading (Exports and Imports) with Expanded BRICS 

  1. Armenia
  2. Australia
  3. Bangladesh
  4. Belarus
  5. Chile
  6. Chinese Taipei
  7. Germany
  8. Greece
  9. Iraq
  10. Italy
  11. Japan
  12. Netherlands
  13. Pakistan
  14. Paraguay
  15. Poland
  16. Turkey
  17. Somalia
  18. South Korea
  19. Switzerland
  20. Ukraine
  21. UK
  22. USA 

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