BRICS Expansion: Prospects and Challenges

Abstract

With the relative decline of the US, regional integration is becoming more prominent. Among existing regional institutions, BRICS is the most significant bloc. BRICS was formed in 2009 based on Jim O'Neil's idea. In its latest meeting, BRICS member states decided to admit six new members out of which four officially join the group in January 2024. The addition of four new members may enhance the group's global standing. However, the addition will also bring significant challenges that may hinder BRICS' integration ability. Based on qualitative methodology, this research paper strives to evaluate the challenges that BRICS will face after adding new members. In line with Mancur Olson's logic of collective action, the paper maintained that the addition would increase strategic differences, political divergences, and economic and financial hurdles. The success of BRICS+5 will lie in China's ability to lead and navigate the differences among member states.