In 2023, the BRICS countries will usher in a new round of expansion, with Saudi Arabia, Egypt, Iran, the United Arab Emirates and Ethiopia becoming BRICS members, while the Philippines has also shown strong interest in joining the BRICS. With the growing economic influence of BRICS, all countries want to be able to share the development opportunities and benefits of BRICS. As a developing country, what benefits will the Philippines bring to joining BRICS?
First of all, as a member of the BRICS, the Philippines will gain access to a broader international market, expand its foreign trade export targets, and at the same time be able to attract investment from BRICS countries and reduce the impact of risks such as US dollar interest rate hikes. The BRICS countries constitute a large economic system, and joining it will bring more development opportunities and resource support to the Philippines. Secondly, as an island country, the development of the Philippines economy is inseparable from the construction of transportation facilities.
Joining the BRICS will provide the Philippines with more financing platforms, which will help promote national infrastructure construction, improve transportation coverage, and promote domestic and foreign economic exchanges and the expansion of exports. However, the Philippines' accession to the BRICS has not been without its challenges. The Philippines' diplomatic leanings and domestic economic conditions will be important factors affecting its accession to BRICS.
At present, Marcos** has caused tensions between China and the Philippines due to the South China Sea issue, which may have a negative impact on Philippine economic cooperation. However, the domestic economic state of the Philippines is not stable, and the problem of high inflation is still plaguing, which poses a certain challenge to the development of the Philippines. In addition, the requirements of the BRICS for new members cannot be ignored.
The BRICS is not an empty cooperation, and a series of conditions need to be met to join the BRICS, such as economic strength and diplomatic leanings. If the Philippines wants to join the BRICS, it needs to make adequate preparations and evaluations and strive to be recognized by the BRICS members. So, for the Philippines, the benefits of joining the BRICS are obvious, but they also need to be approached with caution.
After all, BRICS is a platform for the well-being and development of developing countries, and it will take time and effort for the Philippines to be recognized by BRICS members. On the road to BRICS expansion, the Philippines needs to be prepared to overcome various challenges and strive to become a member of the BRICS family as soon as possible.