BRICS Expansion: Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the United Arab Emirates joined the BRICS group of nations on Thursday.
The new membership will go into effect on January 1, 2024.
Leaders from Brazil, Russia, India, China, and South Africa (BRICS) backed the organisation’s expansion, the first since South Africa was admitted to the group in 2010.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been invited to join the BRICS as part of the first phase of development, according to South African President Cyril Ramaphosa.
With this increase, BRICS currently includes six of the world’s top nine oil producers.
“This summit reiterated the significance of BRICS, people-to-people exchanges, and strengthening friendship and cooperation…We endorsed two declarations in Johannesburg that convey major BRICS messages on global economic, financial, and political issues. It exemplifies the shared principles and common interests that underpin the five BRICS countries’ mutually beneficial partnership…” According to Ramaphosa.
Meanwhile, Prime Minister Narendra Modi stated, “India has always supported BRICS expansion and has always believed that adding new members will strengthen BRICS as an organisation.”
PM Modi also thanked the leaders and people of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates on their choice to join the BRICS, saying India has always supported the organization’s expansion.
PM Modi stated that India has “historic ties” with all of the new BRICS members.
The BRICS acronym stands for the five key emerging economies of Brazil, Russia, India, China, and South Africa. Because of their massive populations, large landmasses, and great economic and political weight, these countries have a significant influence on regional and global affairs.
