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Economy & Business - December 2024

BOLIVIA/VENEZUELA: Winners and losers at the Brics summit

At the October leaders’ summit of the Brics group of developing economies, which took place in the Russian city of Kazan, it was announced that Bolivia had been accepted as one of thirteen new partner countries alongside Algeria, Belarus, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. As the Brics is an informal grouping of countries without a headquarters or permanent secretariat, it is unclear what this new partnership status will mean for these countries. Egypt, Ethiopia, Iran, and the United Arab Emirates previously joined what has been referred to as Brics+ as full members in 2023, expanding the group’s membership to represent 45% of the world’s population, 30% of the world’s land surface, and 35% of global GDP (based on purchasing power parity). Saudi Arabia and Argentina were also invited to join as full members last year, but Argentina’s President Javier Milei declined the invitation, whilst Saudi Arabia is yet to announce a decision.

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