The BRICS bloc, which comprises the five major emerging national economies of Brazil, Russia, India, China and South Africa, is expected to make a decision on new members at the 15th BRICS Summit in Johannesburg in August.
The BRICS bloc, which comprises the five major emerging national economies of Brazil, Russia, India, China and South Africa, is considering expanding to includeA total of 19 countries have expressed their interest in joining the grouping, with a decision expected at the 15th BRICS Summit in Johannesburg in August.
“We are going to discuss all official requests and take them to the BRICS, then we will decide. If anybody asks me what I think, I would say that I am in favour,” said Brazilian President Luiz Inacio Lula da Silva, whose country neighbours Venezuela."In this new world of geopolitics, a very important movement has emerged – the BRICS, a powerful movement that undoubtedly becomes today the spearhead or the vanguard of the processes of change, of world geopolitics of world power,” he said.
Most South American countries are currently dominated by leftist governments which are shifting away from the US, and towards Russia and China.Membership in the group could strengthen a troubled Venezuelan economy, which has declined more than 90 per cent in the last decade, by securing stronger commercial bonds with allies, access to international financing, and new ways to bypass economic sanctions.The BRICS alliance currently controls 8.7 per cent of the world's oil reserves.