BRICS announces 1st expansion, providing access to 6 countries
New members Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates (UAE) will join the economic bloc from January 2024
JOHANNESBURG, South Africa – The BRICS bloc (Brazil, Russia, India, China, South Africa) has announced its first expansion, inviting six new countries.
The new members Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates (UAE) will join the economic bloc from January 2024.
South African President Cyril Ramaphosa made the announcement at the conclusion of the three-day BRICS Summit in Johannesburg.
The leaders of the BRICS countries met from August 22 to 24 for their 15th summit.
August for their 15th summit. The expansion is seen as a step toward strengthening the bloc and revitalizing it.
Leaders also instructed their finance ministers and central bank governors to consider the possibility of conducting transactions in their national currencies.
A report to this effect is to be presented at the next summit.
More than 20 countries have expressed interest in joining the BRICS bloc.
Chinese President Xi Jinping sees this expansion as a new starting point for the bloc’s joint efforts to promote global peace and development.
Indian Prime Minister Narendra Modi emphasized his country’s strong support for BRICS expansion.
He said the move is a signal for global institutions to adapt to changing times.
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