Six new nations will join BRICS in 2024. South African President Cyril Ramaphosa announced this news during the BRICS summit in Johannesburg on August 24, 2023.
BRICS has long had a reputation as a diverse alliance of nations with distinct viewpoints yet a united goal of shaping a prosperous global future.
President Ramaphosa, who is currently chairing the 15th BRICS summit, expressed, “We are pleased to extend an invitation to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to become full members of BRICS, with their membership officially commencing on January 1, 2024.”
The group’s expansion signifies a political alignment and aims to strengthen bonds among the populations of these diverse countries.
The member countries decided to welcome new members after a collaborative effort to establish essential principles, benchmarks, criteria, and procedural frameworks to ensure the smooth integration of the new entrants into the BRICS community.
BRICS has established various platforms for cooperation. One such platform is the BRICS Business Council. It fostered economic collaboration and shared perspectives on inclusive growth and development strategies.
The bloc forms 25% of the global economy and contributes 20% of trade worldwide. These nations account for over 40% of the world’s population.
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