brics expansion

BRICS announce the addition of six new member countries. Image: @BRICSza

One of the new BRICS members ‘considering’ their admission

BRICS announced the addition of six new nations to the economic bloc – but one of them may need some convincing

brics expansion

BRICS announce the addition of six new member countries. Image: @BRICSza

One of the six nations invited to join BRICS has said it still needs to consider the move. BRICS Chairperson President Cyril Ramaphosa announced that the economic bloc formally invited Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) to join after they made formal submissions.

Their memberships are expected to take effect on 1 January 2024.

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 concluded at the Sandton Convention Centre in Johannesburg on Thursday, 24 August 2023.

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Saudi Arabia’s Foreign Minister Faisal bin Farhan, however, has said that they are yet to decide whether they are joining BRICS or not.

“We are awaiting details from the group on the invitation, the nature of the membership and its elements. Based on that and the internal measures, we will take the appropriate decision,” Farhan was quoted as saying by private Saudi television Al Arabiya.

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Farhan added that Saudi Arabia was grateful for the admission to the group, saying it was due to the Arab kingdom’s great political and economic position and standing around the world.

“BRICS is an important and useful source to boost economic cooperation, especially between developing countries and southern countries, which need this kind of cooperation in light of the polarisations taking place now,” he said.

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.