What do new BRICS members have to gain from the bloc?

A significant development in global geopolitics has occurred with the recent expansion of the BRICS group of nations, which now includes six new members, two of them being African countries, Ethiopia and Egypt. This move brings the total number of African nations within the bloc to three, indicating a growing interest and engagement from the continent in this influential alliance. With about 20 more applications currently pending, the BRICS bloc is set to become even more diverse and representative of a multipolar world order. To delve deeper into the implications and potential gains for these African nations, Declan Galvin, Head of Insight, Information, & Intelligence at WS Insight, shared insights in an interview with CNBC Africa. Ethiopia and Egypt's inclusion in BRICS is strategic and comes at a crucial time for both nations. Ethiopia, with its ongoing tensions with Egypt over the Grand Ethiopian Renaissance Dam, is likely to benefit from the interest shown by major BRICS members like China and Russia, who have been increasing investments in the country. On the other hand, Egypt's control of the vital Suez Canal makes it a valuable addition to the bloc. In terms of gains, Ethiopia stands to benefit from additional development and commercial partners, essential for its growth amidst internal conflicts. Meanwhile, Egypt aims to expand its trade and commerce avenues to counter the negative impacts of global economic pressures. The expansion of BRICS membership aligns with the bloc's goal of providing an alternative to the existing global governance structure. Despite concerns and opposition within the current member nations, the inclusion of Egypt and Ethiopia reflects a step towards a more multipolar world order. While China and Russia's agendas within BRICS may raise concerns related to international norms, the overall expansion of the bloc is seen as a positive move towards a more balanced global governance system. Looking ahead, the economic impact of the new African members within BRICS may take time to materialize. The currency reserve arrangement and the new development bank, designed to bolster financial stability and fund projects, offer potential benefits for these nations in the long run. However, the formal inclusion of the new members is set for 2024, indicating a gradual integration process. Questions remain regarding how these nations will leverage BRICS initiatives to their advantage and navigate the complex economic dynamics within the bloc. Galvin highlighted that while some experts question the African nations' decision to align with BRICS, the emphasis lies on promoting multilateralism and offering alternatives to existing global financial institutions. The creation of the new development bank in 2015 aimed to provide a distinct alternative to the World Bank, signaling a shift towards a more diversified and inclusive financial architecture. Despite comparisons to the World Bank, the new development bank's focus on offering a different approach to funding projects and supporting member countries is viewed positively as a step towards greater multilateral cooperation. As BRICS continues to evolve and expand its membership, the inclusion of African nations like Ethiopia and Egypt signifies a growing recognition of the continent's strategic importance in global affairs. While challenges and uncertainties lie ahead, the potential benefits of joining such a diverse and influential bloc offer promising opportunities for economic growth and enhanced cooperation for these African nations.