BRICS sets its sights on Europe

The BRICS alliance is expanding its focus to Europe, and the Balkan country of Serbia is emerging as a potential member.

Last year, Serbia officially expressed its intention to join BRICS, seeking to become the bloc's first European member. Recent events show that BRICS is responding to the interest of Serbia, which has received an invitation to participate in the next summit in Russia. If Serbia were to gain membership, it would mean a significant strategic shift in its international arrangement and mark a historic precedent for BRICS.

Serbia's economic outlook is improving, as the latest updates from the World Bank show. Economic growth estimates were revised upwards to 3.5% in 2024, with forecasts reaching 4% by 2026. Inflation is expected to decline from 5% in 2024 to 3.2% in 2026, and the fiscal deficit foresees to decrease to 1.5% in the following years.

India's growing economic influence within BRICS is changing the shape of the bloc as it seeks to diversify the membership beyond China-centric trade relations. However, challenges remain, including managing different economies and balancing internal differences.

BRICS expansion efforts extend beyond membership to advocating for reforms in global financial institutions such as the IMF and the World Bank. The bloc strives for fair representation and promotes the use of local currencies in trade to reduce dependence on dominant world currencies.

The success of BRICS's expansion into Europe and its wider goals depends on resolving internal differences and effectively positioning itself on the world stage. The interplay between China's influence and the reactions of the other BRICS countries, especially India, will determine the bloc's future dynamics.

This expansion presents opportunities and challenges, especially for countries like Serbia, potentially opening new geopolitical and economic avenues. The outcome of Serbia's BRICS alliance will determine its ability to take advantage of this significant change.