Abstract
The 2023 BRICS summit unleashed a major expansion by the bloc, with five new members joining the BRICS core on January 1, 2024. However, while the geopolitical weight of the grouping has increased, its economic agenda remains vague. Some of the large emerging markets are having second thoughts about joining BRICS. After the 2023 presidential elections, Argentina declared that it would not become a member of BRICS. More fundamentally, the rift between India and China needs to be bridged in order for the bloc to gain greater prominence across the Global South. BRICS needs an ambitious trade liberalization agenda that would favor developing economies. This may become the basis for the evolution of the BRICS+ platform through multiple trajectories, including the “integration of integrations” track among regional integration blocs of which BRICS countries are members. In the longer term, the BRICS and BRICS+ formats may be complemented by a BRICS++ format, with participation of developed economies, regional blocs, and their development institutions.
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