CONFIRMED: THESE countries are joining BRICS from 2024
President Cyril Ramaphosa said all five BRICS leaders reached agreed to formally invite the six nations to join the bloc
The BRICS bloc of nations (Brazil, Russia, India, China and South Africa) has announced that six new countries will be joining the grouping, effective from January 2024.
The new additions to the bloc are: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE).
ALSO READ: China comes bearing gifts to BRICS Summit
BRICS LEADERS AGREED ON NEW MEMBERS
The Chairperson of BRICS, President Cyril Ramaphosa led his counterparts, China’s Xi Jinping, Indian Prime Minister Narendra Modi and Lula da Silva of Brazil in signing and adopting guiding principles of the BRICS expansion.
“BRICS itself is a diverse group of nations. It is an equal partnership of countries that have differing views, but have a shared vision for a better world. As the five BRICS countries, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been in discussion for quite a while. We have consensus on the first phase of this expansion process and other phases will follow”President Cyril Ramaphosa
ALSO READ: End of the Rand? New BRICS currency on the agenda
All of the bloc leaders unanimously agreed to invite the six countries to join the bloc, in what has been described as a historic move on their part. The Summit is concluding at the Sandton Convention Centre in Johannesburg on Thursday, 24 August 2023.
“We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of #BRICS from 1 January 2024″President Cyril Ramaphosa
Modi said India would continue building consensus for those countries wishing to join BRICS. He added that the expansion and modernisation of BRICS is a message that global institutions must mold themselves to changing times.
WHY WAS THE BLOC DEVELOPED?
The establishment and expansion of the bloc is meant to challenge the West’s economic monopoly, with the ultimate aim being to be a global force by 2050.
The bloc is home to its own bank – the New Development Bank – based in China, seen as an alternative to the World Bank. However, its primary currency for global trade is the US Dollar. Each of the nations need to balance their existing trade relationships with the West in all this politicking, too.
ALSO READ: International attention on SA for the BRICS Summit