BRICS Expansion: EU Monitors the Rise of a New Global Force
Let's analyze the European Parliamentary Research Service's study of BRICS expansion. This report examines the potential global impacts of the bloc's strategic broadening.
Brussels, March 2024 - As the once-formidable BRICS bloc of emerging economies welcomed four new members on January 1st, 2024, the European Union is closely monitoring the implications of this strategic move that could potentially reshape the global balance of power.
The admission of Egypt, Ethiopia, Iran, and the United Arab Emirates (Saudi Arabia Saudi representatives are still actively considering joining) in the expanded BRICS+ group is a significant development that has ignited a debate about the organization's growing international influence.
note: BRICS+ does not exist in reality, it is just a journalistic way of naming the original enlarged BRICS bloc. Russian Sherpa Sergey Ryabkov clearly explained this in an interview with the TASS news agency.
According to a recent briefing by the European Parliamentary Research Service (EPRS), the expanded BRICS+ now accounts for a staggering 37.3% of the world's GDP, more than half of the European Union's 14.5% share. This economic might is seen as a potential counterweight to traditional Western dominance in global affairs.
"The significance of the expansion should be seen beyond the purely economic effect, in the form of greater influence for the group and for developing countries as a whole within international organizations such as the United Nations, the World Trade Organization, and the Bretton Woods institutions," the EPRS briefing states.
However, the briefing also highlights potential challenges within the enlarged BRICS+. Including countries with varying interests and long-standing regional rivalries, such as the tensions between Egypt and Ethiopia over the Nile River's water resources, or the historic rivalry between Saudi Arabia and Iran, could hinder the group's ability to reach a consensus on common political positions.
For the European Union, engaging with BRICS+ collectively remains a complex endeavor. While the EU has strategic partnerships with Brazil, India, and South Africa, and is negotiating a free trade agreement with India, current conflicts in Ukraine and Gaza underscore the divergent approaches to security taken by the EU and BRICS+.
"The EU engages with BRICS+ countries individually," the briefing explains. "On the other hand, current conflicts in Ukraine and Gaza show the divergent approaches to security taken by the EU and BRICS+."
The European Parliament has stressed the need for further political dialogue with BRICS countries, including on an individual basis. In an exchange of views with European Commission representatives in October 2023, Members of the Parliament's Committee on International Trade (INTA) underlined the importance of monitoring the group's expansion, especially considering the potential impact of a BRICS+ currency and the consequences for EU trade policy.
While the BRICS+ bloc's combined economic strength surpasses that of the G7, skeptics raise concerns about the potential challenges of cohesion within the expanded group. The inclusion of countries with varying political, economic, and social interests could lead to internal tensions and hinder the group's ability to reach consensus on key issues, undermining its effectiveness as a unified force for change.
Ultimately, the trajectory of BRICS+ and its impact on global dynamics will depend on how effectively its members navigate internal differences, forge common ground, and leverage their collective strengths to advance shared objectives on the global stage.
As the EPRS briefing concludes, "While the expansion offers opportunities for greater representation and diversity in global governance, realizing its full potential will require concerted efforts to overcome challenges and foster meaningful cooperation among member states."
The EU, with its vast network of bilateral and interregional agreements and partnerships with individual BRICS+ members, finds itself in a unique position to engage and shape the dialogue with this emerging global force. As the geopolitical landscape continues to evolve, Brussels remains vigilant, monitoring the BRICS+ developments and their potential implications for the future of global governance.