Editorial

BRICS is an acronym representing an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. The term was coined in 2001 by Jim O’Neill, a former Goldman Sachs economist, to highlight the potential of these countries in the global economy.

The main objectives of BRICS are to foster cooperation, development and influence in world affairs among its members and other developing countries. Some of the specific goals include:

• Economic cooperation encourages trade, investment and growth among members and improves access to markets and technology.
• Development financing: creating institutions such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) to finance infrastructure and development projects in member countries and beyond.
• Political coordination: strengthening political dialogue and coordination on international issues, such as reforming the institutions of global governance to reflect the changing global economic landscape and to give emerging economies a stronger voice and representation.
• Social and cultural exchanges: promoting interpersonal relations and mutual respect for cultures and enhancing social and cultural exchanges between member countries.

The current members of BRICS are Brazil, Russia, India, China and South Africa. They joined the group in different years, with South Africa being the latest addition in 2010. Together, they account for more than 40% of the world’s population and a quarter of the global economy.

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The new members of BRICS are Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. They were invited to join the bloc by South Africa, the chair of the 15th BRICS Summit in August 2023. The membership will take effect from January 1, 2024. The expansion aims to diversify the group and increase its relevance and global influence. The economy is the central part of international relations. However, it is unfortunate that Pakistan’s Islamic, regional and international role is fast declining despite being the 5th biggest country in the world in terms of population. Then, national power determines the worth of international relations. Therefore, Pakistan needs to enhance its national capacity to remain relevant worldwide.

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