The upcoming 15th edition of the BRICS summit is expected to see an expansion of the alliance with the inclusion of several African countries. The BRICS, comprised of Brazil, Russia, India, China, and South Africa, collectively contribute 31.5% of the world's GDP in 2023, surpassing the 30.7% contributed by the G7. Thirteen countries, including Algeria, Egypt, Nigeria, Sudan, and Zimbabwe, have officially submitted applications to join the economic alliance. This expansion, which will be discussed at the next BRICS summit in Cape Town, South Africa, aims to bolster the group's significance on the global stage.
Established in 2014, the BRICS launched its own development bank to challenge the current global financial system. Despite their sizable economy and population, the group holds only 15% of voting rights at the World Bank and the International Monetary Fund. The inclusion of new members could reshape the global economic landscape and alter the group's dynamics. However, concerns have been raised among member nations regarding the dilution of their influence, particularly with regard to China's dominance within the group, given its economy is twice the size of the other four BRICS nations combined.
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