Flags of BRICS countries prepared at the Meeting of the BRICS Heads of National Statistical Agencies at the 16th BRICS Summit in Kazan, Russia, on October 28, 2024. | CFP Photo
Malaysia, Thailand, and Indonesia are in full swing, seeking to join the BRICS, given their formal applications to the group this year, with Vietnam's waxing interest in embracing the emerging markets and developing countries (EMDCs).
The three-day BRICS Plus Summit in Kazan, which ended last week, has secured the status of partner countries for these four ASEAN countries, a move for further possible enlargement of the group.
High-level officials from these four ASEAN countries attended the Summit, namely the Prime Minister of Vietnam, the Ministers of Foreign Affairs of Thailand and Indonesia, as well as the Minister of Economy of Malaysia. During the Summit, they all voiced their aspiration to collaborate with BRICS, the intergovernmental group that facilitates the interests of the "Global South.
The Ethnographic Mosaic exhibition is dedicated to the cultural identity of the BRICS countries at the 16th BRICS Summit in Kazan, Russia, on October 22, 2024. | CFP Photo
The acronym "BRIC," coined by British economist Jim O'Neill, head of Global Economic Research at Goldman Sachs, came first in the report Building Better Global Economic BRICs in 2001. Initially, it referred to Brazil, Russia, India, and China due to their potential for economic growth and investments.
At its launch, the BRIC became the canonical platform of the Global South countries for growth and development and received numerous membership applications to expand the community during the past two decades.
In April 2011, South Africa officially became a member of the group at the 3rd BRICS Summit in Sanya, China. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates were listed in the group at the 15th BRICS Summit in Johannesburg, South Africa, in August 2023.
Over 3 billion people live in the BRICS countries after the expansion in August 2023, accounting for roughly 45% of the world's population. Expanded BRICS represents 35 percent of global GDP when measured at purchasing power parity (PPP).
Despite the geographical distance among its members, this subtlety has laid bare the essence of the BRICS: a community where countries recognize in one another their similar situations. Economically, it is for inclusive and sustainable development. Politically, it is a multilateral alliance that implies diversified values and interests within the group.
A female journalist reports the 16th BRICS Summit in Kazan, Russia, on October 22, 2024. | CFP Photo
The nature of BRICS aligns with the status quo of ASEAN countries. In 2023, the ASEAN population reached 676.6 million, ranking as the third largest in the world, which accounts for over 8% of the world's population.
Last year, ASEAN's economy reached a nominal GDP of US$3.8 trillion, positioning it as the fifth largest in the world and the third largest in Asia. Regional nominal GDP per capita stood at US$5,794 in 2023.
To ameliorate their economies and seek cooperation within EMDCs, Thailand, Malaysia, and Indonesia applied to join BRICS in late May, July, and October this year, respectively.
The World Economic Outlook published by the International Monetary Fund (IMF) in October projected that global economic growth is set to hinge more largely on the BRICS countries rather than their wealthier Western counterparts.
According to PPP-based projections, the IMF predicts that the BRICS countries, such as China, India, Russia, and Brazil, will account for a larger share of economic growth over the next five years compared to the previous round of projections in April this year.
Preparations for the 16th BRICS Summit in Kazan on October 20, 2024 | CFP Photo
Based on new IMF forecasts, Bloomberg calculates that China will be the top contributor to global growth over the next five years, with a share of 21.7%, more than all G7 countries combined. India ranks second, expecting to account for nearly 15% of global growth.
Among the top 20 contributors identified by Bloomberg, six BRICS member countries are listed in the graph, with Indonesia and Vietnam, two ASEAN members, accounting for 3.5% and 1.3%, respectively.
Unsurprisingly, as the standard bearer of Asian values, Kishore Mahbubani, founding dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, lauds "the Asian 21st Century."
Since the rise of nation-states began in the second half of the 20th century in Southeast Asia, ASEAN countries have shuffled off their plight and attempted to achieve high-quality development. At the edge of the first two decades of the 21st century, the four countries have stepped forward, embracing the epitome of EMDCs to win the next promising five years.
Author: Clonde Zhang
Editor: Steven Yuen, Nina Huang, James
