BRICS has added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE to the bloc
In an unprecedented move, the BRICS bloc of developing nations has decided to admit countries such as Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE. This decision comes as an attempt to reshuffle the existing world order.
The expansion is the first in 13 years. The move benefits all parties involved. As such, the BRICS leaders have hinted at further expanding at the request of several other nations. Further expansion will help level the global playing field.
Due to the expansion, the member nations, i.e., Brazil, Russia, India, China, and South Africa, will experience an economic boom. The new admissions will also solidify BRICS’ ambition to join the Global South.
However, there may be certain drawbacks regarding this expansion. The bloc can become divided over maintaining relations with the West and countering Western powers. China, Russia, and Iran are the prominent members that wish to challenge the United States and the UK.
President Xi Jinping of China claims the recent expansion is a historic moment in BRICS history. He also states that such a move showcases the BRICS’ dedication to supporting the additions and matching the developing nations.
A formal introduction will happen on January 1, 2024. President Cyril Ramaphosa of South Africa announced the new members at a summit in Johannesburg. He also states that this initiative will aim to build a fair, just, prosperous, and inclusive world.
Introduction of BRICS Candidates
Iran: home to a quarter of the Middle East’s oil reserves
Saudi Arabia: The country had previously participated in the “Friends with BRICS” talk. Russia and Brazil back them.
Ethiopia: The country is Africa’s fastest-growing economy and wishes to protect its interests amidst the changing global scenario.
Argentina: China formally supports them.
Egypt: The country has close commercial relations with India and Russia.
UAE: Wishes to step out of the West’s influence and establish itself as an emerging power.