The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, On Thursday announced their newest members.
The 15th summit of BRICS leaders had earlier commenced on Tuesday, August 22, and is scheduled to conclude on Thursday, August 24, taking place at the Sandton Convention Centre in Johannesburg, South Africa.
The group’s six new members who were introduced, include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE.
Matamela Ramaphosa, South Africa’s president, stated during the announcement that BRICS is a collection of diverse nations. It is a cooperative alliance of countries with varying perspectives but a common goal for a better world.
Also, the five BRICS countries have come to terms with the principles, standards, criteria, and steps for expanding BRICS, a topic that has been under discussion for some time. While, agreement has been reached on the initial phase of this expansion, with more phases to come.
He added, “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, the membership will take effect from 1 January 2024.”
What you should know about BRICS
BRICS stands for Brazil, Russia, India, China, and South Africa. This group comprises five significant emerging economies that have been experiencing rapid growth together. Collectively, the BRICS nations are home to more than three billion people and boast a combined GDP surpassing $20 trillion. The main goals of this alliance are to boost economic collaboration, foster political discussions, and amplify the representation of emerging economies worldwide.
BRICS has a representation of approximately one-fourth of the world’s population and about 16% of the global GDP. These nations are also significant commodity exporters, dealing in resources like oil, gas, and metals.
Despite this, they encounter shared difficulties like increasing inequality, corruption, and environmental decline. In response, the BRICS countries are collaborating to tackle these issues and advance their mutual objectives on the global platform.
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