THE BRICS EXPANSION ON THE HORIZON

THE BRICS EXPANSION ON THE HORIZON

Members

1. Brazil
2. Russia
3. India
4. China
5. South Africa
6. Egypt
7. Ethiopia
8. Iran
9. UAE

Potential Candidates For Future Membership

The following countries have either expressed interest in joining BRICS or have already applied for membership:

AFRICA

1. Algeria: In terms of market size, Algeria has the tenth largest proven natural gas reserves globally, is the world’s sixth-largest gas exporter, and has the world’s third-largest untapped shale gas resources.
2. Angola
3. Cameroon
4. Central African Republic
5. Congo
6. DR Congo
7. Ghana
8. Kenya
9. Libya
10. Nigeria: Nigeria’s Foreign Minister Yusuf Tuggar has announced that the country intends to become a member of the BRICS group of nations within the next two years. Nigeria has a GDP of US$448 billion, a population of 213 million and a GDP per capita of US$2,500. It has the world’s 9th largest gas reserves and significant oil reserves.
11. Senegal: Senegal: Senegal is a medium capacity gold mining and energy player, with reserves in gold, oil, and gas. The energy industry is at a growth stage as reserves have only recently been found. The energy-hungry BRICS nations will be keen to secure its supplies.
12. South Sudan
13. Sudan: Sudan’s top five export markets are 100% BRICS – China, Russia, Saudi Arabia, India, and the UAE. Sudan also has regional clout. It is Africa’s third-largest country by area, and is a member of the League of Arab States (LAS). Should Sudan join the BRICS it would give the group complete control of the Red Sea supply routes
14. Tanzania
15. Tunisia
16. Uganda
17. Zimbabwe

AMERICAS

1. Bolivia: Asset-rich but relatively poor, Bolivia has the fastest GDP growth rate in Latin America
2. Chile
3. Colombia
4. Costa Rica
5. Cuba: Cuba’s sanctions defiance has long made it a favorite of China and Russia when wanting to annoy the United States. It also has significant agreements with China and Russia, is a member of the BRI and has significant Caribbean and LatAm influence.
6. Ecuador: Ecuador is negotiating Free Trade Agreements with both China and the Eurasian Economic Union. It would make sense to substitute these with a looser BRICS arrangement
7. El Salvador
8. Guatemala
9. Honduras
10. Nicaragua: Nicaragua is a mining play and the leading gold-producing country in Central America. It has a Free Trade Agreement with the ALBA bloc, and is an influential player in the Caribbean.
11. Panama
12. Peru
13. Uruguay : Uruguay has joined the BRICS New Development Bank – a sure sign that official BRICS membership is pending.
14. Venezuela: Another outlier, but its energy reserves and political stance fit well with China and Russia’s needs.

ASIA

1. Afghanistan: : An outlier, but Afghanistan has significant resources and is a member of the BRI. Diplomatic changes are required, but China, India and Russia are all keen to see redevelopment in the country once political stability can be secured.
2. Azerbaijan
3. Bahrain
4. Bangladesh: Bangladesh is one of the world’s top five fastest growing economies and is undergoing significant infrastructure and trade development reforms. It shares a 4,100 km border with India.
5. Indonesia: One of Asia’s leading economies, Indonesia’s potential has again been raised to join BRICS. In July 2023, Jakarta accepted an invitation to participate in the 2023 BRICS summit.
6. Iraq
7. Kazakhstan: Kazakhstan’s economy is highly dependent on oil and related products. In addition to oil, its main export commodities include natural gas, ferrous metals, copper, aluminum, zinc and uranium.
8. Kuwait
9. Laos
10. Malaysia
11. Myanmar
12. Mongolia: Mongolia is both a problem and solution, while geographically attractive. It requires extensive investment in its energy sector; yet is resource-rich and a transit point between Russia, Kazakhstan and China. It is not a member of any trade bloc, with a looser BRICS arrangement better suited to maintaining its regional impartiality.
13. Pakistan: Pakistan has filed an application to join the BRICS group of nations in 2024 and is counting on Russia’s assistance during the membership process, the country’s newly appointed Ambassador to Russia Muhammad Khalid Jamali has stated.
14. Saudi Arabia
15. Sri Lanka: Sri Lanka isn’t keen on opening up its markets yet has significant economic problems. China is interested in port and Indian Ocean access while Russian tourism investments are increasing. A BRICS agreement would be loose enough to satisfy all concerns, while India will want to keep an eye on it.
16. Syria
17. Tajikistan
18. Turkiye: Turkiye’s trade figures with the current and most of the upcoming BRICS members show significant growth. Getting access to BRICS NDB funding may also prove attractive for Ankara as talks are expected across a number of issues.
19. Turkmenistan
20. Thailand: Thailand is one of ASEAN’s largest economies, via ASEAN it has additional Free Trade Agreements with Australia, New Zealand, Japan, South Korea, China, Hong Kong and India, and agreements with Chile, and Peru. Thailand is also a signatory to the RCEP FTA between ASEAN and Australia, China, Japan, New Zealand, and South Korea.
21. Uzbekistan: Uzbekistan is one of Central Asia’s fastest growing economies, yet it is hampered by being double-landlocked. Membership of BRICS would give it market access to China, Europe, and the rest of Asia in a more protected manner.
22. Vietnam
23. Yemen

EUROPE

1. Belarus