After meeting with Chinese authorities, Malaysia has declared that it will formally submit an application to join the BRICS. Before formally filing the necessary paperwork to join BRICS, Malaysia is the nation that has submitted the latest request.
The emerging countries known as the BRICS decided to admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates on Thursday, intensifying their efforts to reorganise a global order they consider antiquated.
As several more nations expressed interest in joining a coalition they believe would level levels of competition globally, BRICS officials decided to move forward with its growing presence, the bloc’s first in 13 years.
The BRICS, which currently consist of Brazil, Russia, India, South Africa, and China, the second-largest economies in the world, would gain more economic clout as a result of the extension.
Also, it may increase its advocacy for the Global South.
However, long-standing conflicts may still exist between those who want to use the organisation as a counterbalance to the West—China, Russia, and now Iran, in particular—and those who want to maintain strong links to Europe and the United States.
The most ardent supporter of the extension within the bloc, Chinese President Xi Jinping, declared that “this membership expansion is historic.” “It shows the determination of BRICS countries for unity and cooperation with the broader developing countries.”
Goldman Sachs head economist Jim O’Neill first created the abbreviation in 2001. In 2009, he established the bloc as a loose association of four countries, and then in 2010, he brought South Africa on board during its sole prior growth.