How will the expansion of BRICS membership change the world landscape?, The total economic output has accounted for nearly 30% of the world's total

At the just concluded BRICS summit, Saudi Arabia, Egypt, the United Arab Emirates, Argentina, Iran, and Ethiopia officially became members of the BRICS family. The expansion of BRICS membership is an important achievement achieved by all parties during the 15th meeting of BRICS leaders. The addition of new members will further enhance the representativeness, voice, and influence of developing countries and emerging economies, promote practical cooperation among BRICS countries, deepen the democratization process of the international order, and inject new momentum into world economic growth.

"BRICS+" promotes BRICS cooperation to a higher level

China has always been committed to promoting the expansion of the BRICS mechanism.From then on, "BRICS+" has pushed BRICS cooperation to a higher level.

In 2022, China will assume the rotating presidency of the BRICS. At the first Global Development High Level Dialogue, countries participating through the "BRICS+" mechanism have stronger development representativeness and regional coverage, including but not limited to Indonesia, the rotating presidency of the G20, Senegal, and Algeria, the rotating presidency of the Arab League.

BRICS countries have become the main engines of global economic growth

The economic downturn of relatively developed economies, represented by emerging economies and developing countries such as the BRICS, has become a new driving force and driving force for boosting global economic growth, providing strong support for reshaping and promoting the openness, stability, and efficiency of global industrial and supply chains.

From the perspective of resource endowment, the expansion of BRICS membership has enhanced the key position of BRICS countries in the fields of energy resources and minerals. Saudi Arabia, Iran, the United Arab Emirates, along with Russia, Brazil, and China, are energy giants with abundant reserves of oil and gas resources. The expanded BRICS countries hold 44.35% of the world's oil reserves. Countries such as Ethiopia, Argentina, and Egypt also have extremely abundant natural resource reserves. As an energy platform, BRICS countries will exert global influence in the international energy market.

The expanded BRICS countries have a huge market and development potential. The BRICS countries have great economic growth potential and abundant human resources. After expansion, the total population of the BRICS 11 countries exceeds 3.6 billion, accounting for about 47% of the world's population and 32% of the world's land area. This indicates that the expanded BRICS countries will not only have a vast labor market, but also a younger population structure with more potential consumer markets. BRICS countries have a large market and ample potential in global economic development.

The expanded BRICS countries can leverage their economies of scale and growth advantages. After expansion, the total economic output of the BRICS countries has reached 29% of the world's total, and their proportion is constantly increasing, far exceeding that of the G7 according to PPP calculations. The average economic growth rate of new members recruited through this expansion in 2022 reached 6%, far exceeding the growth rate of developed economies. Among them, the GDP growth rates of Saudi Arabia and the United Arab Emirates in 2022 were as high as 8.7% and 7.4%, respectively, with large and high-quality growth rates. The total trade volume of goods among the BRICS countries will increase from 18% to 21% of the global market, demonstrating the vast potential for cooperation within the BRICS mechanism. The expanded BRICS countries will strengthen economic and trade cooperation. The summit statement stated that it will promote the reform process of the World Trade Organization, further promote trade growth and world economic growth of the BRICS countries, and advance the process of economic globalization.

BRICS countries become important platforms for improving global governance

From the perspective of regional influence, currently six BRICS countries are regional powers with strong influence in their respective regions. The addition of new members from different continents not only directly expands the membership map of BRICS countries, but also injects new vitality into the development of BRICS mechanisms, injecting more stability, positive energy, and peace into the uncertain and unstable world.

The BRICS countries have great potential in advancing the reform of the world economic system. The expanded BRICS countries will be an important force in promoting international financial reform and improving the monetary system. Since its establishment, the BRICS mechanism has been committed to promoting the transformation of the international financial system and continuously promoting the reform of international financial institutions such as the World Bank and the International Monetary Fund. The establishment of the New Development Bank and emergency reserve arrangements in the BRICS countries is an attempt and effort by the BRICS countries to reform their existing international financial system. With the addition of new members, the BRICS countries will continue to be committed to promoting the reform of the Bretton Woods institutions, local currency settlement, and the creation of a common currency in the future, in order to promote the international monetary and financial system towards a direction that is more in line with practical development needs, and to enable emerging markets and developing countries to make a loud voice in the world economy.

The BRICS countries are an important force in promoting democratization of the international order. Currently, global governance is facing numerous difficulties, and the implementation of most sustainable development goals is slow. The BRICS countries focus on promoting the return of development issues to the core of the international agenda, and set about promoting further implementation of climate cooperation, biodiversity conservation, scientific and technological innovation and other issues, spreading the experience of Chinese path to modernization in practice, and providing more experience and reference for the development of countries around the world. The rise of emerging economies is unstoppable, and the BRICS countries have become a model for emerging markets and developing countries to engage in South South cooperation and achieve unity and self-improvement. It is precisely because of the new concepts, mechanisms, thinking, and organizations possessed by the BRICS countries that they are attracting more and more countries to join. The BRICS mechanism will promote world multipolarity and democratization of international relations, and promote the development of the international order towards a more just and reasonable direction.

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