BRICS is considering a significant increase in GDP through its latest expansion strategy, focusing on countries in Southeast Asia as potential new members. This move could have far-reaching consequences for both the global economy and the alliance’s geopolitical position.
Countries in Southeast Asia have a combined GDP of around $3.67 trillion, a figure that has been steadily increasing in recent years. With their plans to potentially join the BRICS Association, the Association of Southeast Asian Nations (ASEAN), which has included countries like Brunei, Indonesia, Malaysia, and Vietnam since its establishment in 1967, aims for continuous economic growth and integration.
BRICS stands to benefit significantly from the substantial economic contributions of ASEAN. Recent reports indicate that countries like Malaysia and Thailand are actively seeking membership, viewing BRICS as a strategic counterbalance to Western-dominated institutions.
The geo-economic center of the Atlantic Council also emphasizes the ongoing shift in the dominance of the dollar in global finance, focusing on a potential future where regional currencies will play a more significant role in international transactions. This aligns with ASEAN’s efforts to strengthen its currencies and reduce dependence on the US dollar.
BRICS, which recently expanded to include countries like Iran and the UAE, appears poised for further growth. The efforts to expand the alliance reflect a broader trend towards diversifying global economic influence and reducing reliance on traditional Western financial systems.