Benzinga - by Shanthi Rexaline, Benzinga Editor.
The BRICS nations — Brazil, Russia, India, China and South Africa agreed to admit more members into the coalition.
More countries are waiting in the wings to join the group.
What Happened: The BRICS summit was held in Johannesburg, South Africa, this week. Membership remains poised to expand to 11 nations by Jan. 1, 2024, and by at least a dozen more down the line
Meanwhile, fears over whether the grouping presents a potent threat to Western-dominated institutions have intensified.
Statistics shared by Visual Capitalist showed that the expanded BRICS will account for 29% of the global GDP; 46% of the world population; 25% of the global share of exports and 43% of the global oil production.
Chart Courtesy of Visual Capitalist
Why It's Important: The expansion may threaten the G-7, the International Monetary Fund and the World Bank, experts note.
Like the U.S., the BRICS will likely bolster critical mineral supplies, said the Center for Strategic and International Statistics. Recall the "Minerals Security Partnership" in June 2022 between the U.S. and partner countries.
Adding Argentina, the think tank noted, gives BRICS three of the five largest lithium producers in the world.
With the addition of Saudi Arabia, UAE and Iran, BRICS would have three of the world's largest oil exporters.
Also, the inclusion of Iran has “strengthened the anti-US axis in the BRICS—probably making it more antagonistic and more challenging for the United States and the West,” said the Atlantic Council, an American think tank in the field of international affairs.
The United States Oil Fund, LP (NYSE:USO) ended Friday’s session up 1.46% at $72.45, according to Benzinga Pro data.
Read Next: Xi Jinping’s China Urges BRICS For All-Out Economic War Against G7 Nations
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