BRICS: Why Saudi Arabia and others are vying for membership

"Beyond creating the BRICS Bank...it is difficult to see what the group has done other than meet annually," Jim O'Neill opined in a 2021 article.

The grouping's limited success can be explained by the often diverging and competing interests of its members, especially those of China and India, which share a disputed border and have seen ties deteriorate in recent years.

How have trade and investments fared among BRICS members?

The BRICS have seen their economic influence grow over the past two decades, thanks largely to years of roaring growth in China, the world's second-largest economy by GDP notwithstanding its current slowdown, and to the rise of India, which has emerged as the fifth largest economy and is currently the fastest-growing major economy.

The economies of Russia and Brazil have failed to keep up their momentum and have fallen back to where they were in 2001 in terms of their share of global GDP. The South African economy has also struggled to shift gears since joining the BRICS.

While the BRICS is now a major force in international trade, trading among its members has remained relatively low in the absence of any bloc-wide free trade agreement.

On the investments front, the bloc has seen annual foreign direct investment (FDI) inflows more than quadruple from 2001 to 2021. Intra-BRICS investment, however, remains subdued, representing a share of less than 5% of their combined inward FDI stock in 2020.

Why are other countries interested in joining BRICS?

The expansion of BRICS is among the key topics at the annual summit in South Africa. Twenty-three countries have formally applied to become full-time BRICS members, including Saudi Arabia, Iran, United Arab Emirates, Argentina, Indonesia, Egypt and Ethiopia.

China has pushed for BRICS expansion to increase its political clout amid growing rivalry with the US. For Russia, it's about seeking new allies at a time it's subject to Western sanctions over its war in Ukraine. Brazil and India have long opposed rapid expansion of the bloc with New Delhi wary of growing Chinese influence in the club as a result.

While the BRICS has struggled to meet its economic potential, it's projecting itself as a geopolitical alternative to a US-led world order, positioning itself as the representative of the Global South. New members are eager to capitalize on the BRICS influence and economic clout.