BRICS Expansion: The Top Geopolitical Event of 2023

• Reflections on the Significant Geopolitical Events of 2023: BRICS Expansion
• The 2023 BRICS Annual Summit: A Turning Point
• BRICS: A Written Record of Strengthening Ties
• Surge in the International Presence of the BRICS Alliance
• Expansion: The Pivotal Geopolitical Event of 2023
• Membership Expansion: An Era of New Allies
• Economic Initiatives: An Emerging BRICS Currency?
• Outlook for 2024: A Continuation of Growth

Reflections on the Significant Geopolitical Events of 2023: BRICS Expansion

As we step into the initial phase of 2024, reflections on the previous year reveal a period full of intriguing developments. The global economic challenges faced by numerous nations sparked a series of essential policy advancements. Among these, the expansion of the BRICS alliance emerged as a key geopolitical occurrence of 2023.

The 2023 BRICS Annual Summit: A Turning Point

The BRICS alliance made waves during its 2023 Annual Summit as it extended an invitation to six nations with the intention of augmenting its membership. This expansion became official as the new year dawned, with five countries accepting the invitation, a strategic move that will undoubtedly carry repercussions for the global stage in the upcoming year.

BRICS: A Written Record of Strengthening Ties

For instance, the BRICS alliance between UAE and India solidified further through a significant $3 Billion Agreement. This expansion is bound to influence geopolitical dynamics well into 2024.

Surge in the International Presence of the BRICS Alliance

Throughout the previous year, the BRICS alliance witnessed a dramatic rise in its global prominence. Due to the sanctions imposed by the West on Russia, the bloc has become more unified than ever since its foundation in 2001. This unity led to a decision that has indefinitely altered the economic bloc's public perception.

Expansion: The Pivotal Geopolitical Event of 2023

The decision to expand the BRICS alliance was dubbed the most critical geopolitical event of 2023. According to Timofey Bordachev, the alliance's resolution to expand marked an unparalleled foreign policy event, the effects of which will be evident in 2024.

Membership Expansion: An Era of New Allies

At the beginning of the year, Saudi Arabia, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joined the BRICS alliance. These nations are among the world's largest oil producers and consumers, indicating that the bloc will make significant advancements in this sector in the coming year.

Economic Initiatives: An Emerging BRICS Currency?

Furthermore, the alliance is ramping up its coordination for various economic initiatives, especially the development of a BRICS currency. Predictions suggest that this currency might materialize in 2024, potentially becoming one of the key announcements at the alliance's summer 2024 Annual Summit.

Outlook for 2024: A Continuation of Growth

The BRICS alliance is expected to carry on the growth trajectory that marked the end of 2023. Plans for de-dollarization are likely to be prominent in its unilateral relations, with the promotion of local currency continuing as a significant theme. Ultimately, the multipolar nature of the global landscape is expected to come into sharper focus throughout 2024.

Edited by Jonathan Stoker