Brics expansion holds threats and opportunities for SA business

The expansion of the Brazil, Russia, India, China and South Africa (Brics) bloc, announced during the fifteenth yearly Brics Summit in August, has raised questions about South Africa’s role in the group and whether the perceived spurning of its more traditional allies and trade partners will have adverse effects going forward. The new members, which have been invited to join from 2024, are Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia. The general consensus is that the Brics expansion is meant to enhance the group’s global influence and aid a transition to a “multipolar world”, in part by reducing the dominance of the US dollar.