TRANSCRIPT
In 2009, an informal group of emerging economies formed a bloc.
Brazil, Russia, India, and China were later joined by South Africa - with the group becoming known as BRICS.
They've now met for their 15th summit in Johannesburg, where they are weighing up an expansion to their membership.
China and Russia have reportedly both suggested strengthening the bloc in the wake of heightened tensions brought on by the Ukraine war and Beijing's growing rivalry with the United States.
South Africa's President Ramaphosa has voiced support for the idea.
"South Africa and China have similar views with regard to the expansion of BRICS membership and we look forward to the discussion that we are going to have with other BRICS leaders later today during our retreat."
Russian President Vladimir Putin, wanted under an international arrest warrant for alleged war crimes in Ukraine, has not come personally to the meeting, and is joining virtually.
Russia's economy is grappling with Western sanctions because of the invasion of Ukraine - but in his pre-recorded statement, Putin has argued Russia is still doing well.
"At the end of 2022, despite all these forecasts (predicting the decline of the Russian economy), Russia was among the top five largest economies in the world. According to the World Bank, the Russian Federation has surpassed the Federal Republic of Germany in purchasing power parity and in terms of economic volume. This is one of the most important indicators. ... It is expected that in July-September the budget will have a surplus. In general, over the year, the excess of expenditures over revenues will be at the planned level of about 2 percent of GDP."
Over 40 countries - including Egypt, Indonesia, and Saudi Arabia - have reportedly expressed an interest in joining the forum, hoping membership will unlock benefits including development finance, and increased trade and investment.
The informal alliance accounts for more than 40 percent of the world population and a quarter of the global economy.
Brazilian President de Silva says the bloc could have a substantial impact on the world.
BRICS has a unique chance of shaping the trajectory of global development. You, business people, are a part of this effort. Our countries united represent one-third of the global economy. This relevance will grow with the entry of new members and partners. The work between the private and public sectors is vital to make the most of this potential and reach lasting results."
An expansion of the group could also shape the forum into a counterweight to what some of the countries view as Western dominance of global institutions.
Chinese President Xi Jinping skipped the BRICS meeting, with his remarks delivered by Commerce Minister Wang Wentao.
It's unclear why he didn't come - but he has made it clear the course of history will be shaped by the choices they make on membership and their approach to the economy.
"We have gained democratic independence through great hardship and sacrifice, and we have continued to explore a path of development that is in line with our own national conditions. All that we have done, in the final analysis, is to enable our people to lead a prosperous life. However, some countries, unwilling to give up their hegemonic position, have arbitrarily blocked and suppressed emerging market countries and developing countries, curbing whoever is developing well and tripping up whoever is catching up."
The Brazilian president says he is concerned that the entry of other nations could dilute BRICS influence, but he is still open to discussion.
"I think the BRICS have the possibility to expand. I know China wants to, India wants to, South Africa wants to, Russia wants to and we want to. Everybody wants this and it’s not hard to enter. Obviously we need to establish certain procedures so others can enter, that way in the future we won’t realise we allowed someone who is against the BRICS to enter. We must establish some rules for people to enter BRICS. BRICS cannot be a closed club. G7 is a closed club. Even when Brazil turned into the sixth (biggest) economy worldwide, we were invited as guests and now as participants. The G7 is a club for the rich."
