Recent strategic agreements have brought the Global South into the spotlight. In this CIO Special we explain their specific impact on Asia.
From January 1, 2024, the five founding members of the BRICS – Brazil, Russia, India, China and South Africa – will be joined by six additional members: Saudi Arabia, UAE, Iran, Egypt, Ethiopia and Argentina. Together, they will form an extended group, the BRICS+.
The Global South refers to developing and underdeveloped global economies, not all of which are in the southern hemisphere. In terms of GDP, China and India are the leading countries in this group.
- The expanded BRICS+ will control a greater share of mineral resources, with implications for supply chains.
- Also important is the African Union’s recently agreed membership of the G20 and the proposed India-Middle East-Europe transport corridor (IMEC).
- These developments will become an important pillar for growth and transformation in Asia, particularly assisting China and India.