Moscow, Russia – The BRICS economic bloc is poised for a major power shift, with its combined GDP set to surpass that of the G7 nations once new members join in 2024, according to Russian Foreign Minister Sergey Lavrov. This expansion, he says, reflects a broader trend of the Global South and East gaining ground in the global economy, fueled by missteps and “unacceptable” actions by the West.
“The total GDP of the BRICS in the new line-up will already significantly exceed that of the G7,” Lavrov declared at a press conference following talks with his Indian counterpart, Subrahmanyam Jaishankar. He pointed to the growing influence of the Global South and East, attributing it partly to “numerous mistakes and unacceptable steps by the United States and its allies.”
This trend, Lavrov predicted, will only strengthen with the BRICS expansion. He emphasized Russia and India’s shared commitment to upholding international law, free markets, and fair competition, principles he believes have been “greatly undermined” by the West.
“Trust in the West has been greatly undermined, so now there are even greater reasons to rely on the role of the world majority in the development of the world economy,” Lavrov asserted, advocating for a collaborative approach that benefits all nations.
Currently, the BRICS group comprises Brazil, Russia, India, China, and South Africa. However, following the August 2023 summit in Johannesburg, South African President Cyril Ramaphosa announced the group’s expansion. On January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia will officially join the bloc. Argentina, initially accepted, is currently reconsidering its membership under the new government of BRICS critic Javier Milei.
With Russia assuming the rotating BRICS chairmanship on January 1, 2024, the group’s expanded influence is set to reshape the global economic landscape. The G7, comprised of the United States, Canada, Japan, the United Kingdom, France, Germany, and Italy, will face a formidable economic rival in the newly enlarged BRICS bloc.