Brics' importance grows as it celebrates 10th anniversary

PRESIDENTS and prime ministers from the Brics (Brazil, Russia, India, China, and South Africa) meet from Wednesday to Friday in Johannesburg for the group's 10th summit. The session also sees other key nations such as Turkey - in its capacity as chair of the Islamic Organisation of States - joining the celebration party as guest invitees.

South Africa's invitation of these key emerging markets has prompted speculation about a potential new "Brics plus" approach to expanding the bloc. However, host countries have invited different countries to the summit for several years now.

One key reason why there is some opposition within the bloc to expanding its membership is that it has become a prestigious group by virtue of its small size. Moreover, there is a perception that the club, as it now stands, already has significant clout a…