The BRICS+: Who are they, why are they important, and what do they want?

Abstract

This paper analyses one of the most significant attempts since 1944 to rebalance the global powerbase in favour of emerging market economies. In January 2024, the BRICS group of emerging market economies undertook in the words of the Chinese President an ‘historic’ expansion and admitted five new member countries: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Adopting a revisionist approach, the new ‘BRICS+’ grouping seeks a more representative and fairer international order acting as a counterweight to Western economic and political dominance. The paper highlights that while enlargement has expanded the BRICS economic power and geostrategic reach, the BRICS face a number of domestic and geopolitical challenges, which will limit both deeper integration and ultimately the group’s ability to shift the balance of global power in their favour. Ultimately, the expanded BRICS are economically strong(er), yet geopolitically weak(er).