As of 1 January 2024, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE will officially become members of the BRICS bloc. This declaration was formally announced today, 24 August 2023, by President Cyril Ramaphosa, at the BRICS summit taking place in Johannesburg.
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BRICS constitutes a heterogeneous assembly of five nations – Brazil, Russia, India, China and South Africa. It represents an equitable coalition of states with divergent perspectives but a shared vision for a promising global future.
President Ramaphosa, who is chair of the 15th BRICS summit said, ‘We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE, to become full members of BRICS, the membership will take effect from 1 January 2024.’
The group has come to a mutual understanding of the fundamental principles, benchmarks, criteria and procedures in order to proceed with the expansion endeavour to include its new members into the BRICS bloc, the expansion not only aims to enhance intergovernmental relationships but also to foster stronger connections among the citizens of the group.
In facilitating cooperation across various sectors, several organisations have been established, like the BRICS Business Council, which plays an important role in strengthening economic bonds between the respective countries. It also serves as a platform for crafting shared perspectives on promoting inclusive economic growth and development.
The BRICS nations constitute a quarter of the global economy, contributing to a fifth of worldwide trade, and are home to over 40 percent of the global population.
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Picture: The Presidency of the Republic of South Africa / Facebook