The expansion of the BRICS bloc, which now includes Egypt, Iran, Ethiopia, and the United Arab Emirates, is expected to significantly influence global trade dynamics. This development will be discussed at the upcoming BRICS leaders' summit in Kazan, Russia, on October 18, 2024.
BRICS, initially founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010, aims to enhance cooperation among emerging economies. The recent addition of new members is seen as an opportunity for increased market access, particularly in Africa and the Middle East.
Naveen Kapur, sherpa-chairman of the Indian chapter of the BRICS Business Council, remarked on the potential for enhanced business partnerships, stating, "More opportunities are definitely emerging after the BRICS expansion. With Egypt and Ethiopia in the group, we now have better access to African markets."
Indian business representatives have reported a surge in interest from regions such as Dubai and Saudi Arabia, leading to the establishment of new offices aimed at fostering trade relations. Ankita Sachdev, joint director of the BRICS Chamber of Commerce and Industry, noted that many business deals have been closed for Indian members since the expansion announcement.
India plans to leverage its manufacturing sector and young population to create synergies with other BRICS nations. The country also aims to share its expertise in digital public infrastructure, which has improved lives through technology.
Key topics on the agenda for the upcoming summit include promoting trade in local currencies and harmonizing standards among member nations. The establishment of an independent BRICS international payment system is also in the works, as highlighted by Russian Finance Minister Anton Siluanov, who noted the need for a reliable alternative to Western-dominated platforms.
During the forum, Russian President Vladimir Putin emphasized that the influence of external factors on the economic growth of BRICS countries is expected to decrease, underscoring the bloc's commitment to economic sovereignty and partnership among self-sufficient economies.