BRICS now 37% of global GDP, 46% of global population.

 BRICS EXPANDS FROM 5 TO 11

EGYPT,  SAUDI ARABIA,  ARGENTINA,  UAE,  IRAN,  ETHIOPIA

Yesterday was the conclusion of the 15th BRICS meeting in Johannesburg, South Africa. It was announced that 6 new members were invited to join on Jan. 1, 2024. It was the first expansion of this group since its inception 15 years ago. It will add credibility, wealth and strategic positions to this BRICS group.

Argentina is the second South American nation to join this group, the second largest nation in South America. Together with Brazil it will be the vast majority of land mass on the continent. Argentina has had severe economic problems and is slated for elections in the near future. Maybe a fresh approach with this economic union will set them on a better course.

Egypt, with a population of 109 million, sits strategically in Africa and the middle east. It has the largest population in the middle east and will be a major asset to this group.

Iran, the second largest nation in the middle east and a large oil producer will add another major oil producer to the BRICS. Its position is strategic to connect Russia to the south with its proposed rail lines to the gulf. It will give Iran the ability to trade, bypassing western sanctions. Hopefully the ability to prosper economically will soften its policy of islamic expansion.

Saudi Arabia, the worlds premier oil producer and financial hub in the middle east will be a huge addition to this group. It has been ready to free their oil trade from the dollar for some time and escape the possibility of sanctions and declining value of the dollar as the worlds petro exchange vehicle. It has responded to negative comments and attempts to intimidate them by this present U.S. administration.

United Arab Emirates, a large financial hub for the middle east, coupled with Saudi Arabia and Iran they will find this association to be important to the financial transactions of this group.

Finally Ethiopia, the third African nation, it will be watched by many of the other African nations to see if this union will benefit this nation.

The meeting also has begun forming a criteria for addition nations joining, at present there are over 40 nations interested in joining. One could expect a large number to be added by the next meeting. Countries from Mexico in North America, Algeria in northern Africa, central Asia. and the far east are expected to be considered in the future.

It was also announced that work is continuing on the process of trading in these countries currencies. Argentina will be special case and it can be expected that they will not all be integrated at once. It seems they do not want a world reserve currency dominated by one country. They are looking for an alternative method with currencies pegged to their weight in gold.

While many view this group as a threat to western power, it does not have to be so. They do not want to not trade with the west, they just want the freedom to trade with whoever they feel is in their best interest. They want to escape the economic intimidation of sanctions and the pressures for social revolution that are often contrary to their religious and cultural traditions.

The policy of choosing sides without the alternative of neutrality in world affairs is at the root of this new alternative. The failures of the west to consider the culture and interests of others has created the desire for this alternative. Hopefully the west can adjust without risking more chaos and war. 

An increased hostility from the west will only likely result in the worst outcome, a truly duel trading block, rich in workers, resources and desire for self determination.