Egypt, Iran, Saudi Arabia, UAE, and Ethiopia formally join BRICS

BRICS is an acronym for Brazil, Russia, India, China and South Africa.

The BRICS consortium, a crucial platform for emerging markets and developing nations, has formally embraced five additional members: Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia.

The commencement of their membership was effective on Monday, signifying a noteworthy expansion for the group originally established by Brazil, Russia, India, China, and South Africa.

This enlargement follows numerous membership requests in recent years, underscoring the escalating significance and influence of the BRICS group. The Johannesburg Summit in August 2023 extended formal invitations to the five new members, acknowledging their economic potential and strategic importance within their respective regions.

President Vladimir Putin of Russia, slated to assume the rotating chairmanship of BRICS in 2024, has underscored the group’s dedication to “enhancing multilateralism for fair global development and security.”

Russia is planning to host over 200 political, economic, and social events across 10 cities throughout the year, culminating in a summit in Kazan in October.

Putin has articulated his belief that BRICS activities will positively impact the international system, contending that an increasing number of countries seek alternatives to the US-led “rules-based order” and prefer to align with their interests and those of their partners. He anticipates that this shift will create conducive conditions for collaborative development.

These objectives were reiterated by Putin during his year-end press conference, where he committed to effectively implementing decisions from the Johannesburg Summit, including those related to expanding BRICS membership.

The inclusion of these five new members significantly amplifies the group’s economic and political influence, representing a collective population exceeding 2.5 billion and a combined GDP surpassing $16 trillion. The future impact of this expanded BRICS on global economic and political dynamics remains to be observed.

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