Amid the fanfare surrounding BRICS’ expansion last month, the longstanding tensions between Egypt and Ethiopia over the latter’s mega-dam project on the Nile went largely unnoticed. In offering both countries membership, BRICS has absorbed a complex regional conflict, raising questions over its potential to shape global affairs.
At last month’s BRICS summit, the government of Argentina promised to join the organization, which hopes to de-dollarize the global economy. That same week, however, Argentine voters made it clear that come October, they’ll elect a president who opposes joining BRICS and will increase the use of the dollar at home.
A group of five will soon be a concert of eleven. At last week’s summit of the BRICS nations, Brazil, Russia, India, China, and South Africa agreed to invite Ethiopia, Argentina, Iran, Egypt, Saudi Arabia, and the United Arab Emirates to officially join the group on Jan. 1, 2024. The expanded BRICS shows its members’ dissatisfaction with the Western-led economic and political order.