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BRICS Expansion Plans



The strategic exclusion of traditionally Western nations would have far-reaching implications and could result in various economic, geopolitical, and social outcomes.


This group of nations, often referred to as emerging or non-Western economies, represents a significant portion of the world's population and resources. Economic integration among them could lead to a shift in global economic power away from Western nations. The formation of a cohesive economic bloc among BRICS+ nations could result in the creation of a powerful economic alliance that seeks to promote its interests on the global stage.


The adoption of a common currency or the creation of a new regional currency could facilitate trade and financial integration among these countries, like the Eurozone in Europe. The BRICS countries have varying levels of economic development, diverse economic structures, and different inflation rates. Achieving the level of economic convergence necessary for a common currency would be a significant challenge.


For a common currency to work, member countries need to coordinate their monetary policies to maintain economic stability and manage inflation. This would require a high degree of cooperation and shared decision-making, which can be challenging given the diverse economic interests of BRICS countries. Establishing the necessary institutions, including a central bank and regulatory authorities, to manage the common currency would be a complex and lengthy process.


Some of the countries in this group are rich in natural resources, such as oil, minerals, and agricultural products. Economic integration could result in a mutual dependence on each other's resources. Increased cooperation could lead to infrastructure development projects, enhancing connectivity, and trade facilitation within the region.


Economic disparities among BRICS member countries are a fundamental challenge. While these nations are often grouped together as emerging economies, their levels of development, income, and economic structures vary widely. For example, China has a much larger economy and a higher GDP per capita compared to other BRICS countries. This disparity can lead to differing priorities and interests when it comes to economic cooperation and trade agreements.


BRICS countries often have competing economic and geopolitical interests. For example, they may compete for access to the same markets, natural resources, or strategic alliances. Disagreements on issues like trade practices, territorial disputes, and international diplomacy can strain cooperation within the BRICS grouping.


BRICS can work on economic development initiatives that address disparities among member countries, promote equitable growth, and reduce economic divergence. Promoting cultural exchange and people-to-people contacts can foster greater understanding and cooperation at the societal level, even in the face of political or economic differences.


International organizations like the United Nations, World Trade Organization (WTO), and International Monetary Fund (IMF) may undergo changes in response to this shifting economic landscape. A fully realized economic bloc of these countries could contribute to the emergence of a more multipolar global economic system with multiple centres of economic influence.

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