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The BRICS economic coalition expands its membership to six nations

The BRICS economic coalition, made up of Brazil, Russia, India, China and South Africa, is set to expand its membership by inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates united The announcement was made by South African President Cyril Ramaphosa during the 15th BRICS Summit hosted by South Africa.

The BRICS alliance aims to establish a diverse partnership between countries with different perspectives but with a shared vision for a better world. Ramaphosa highlighted the agreement on guiding principles, standards, criteria and procedures for the expansion process.

The move follows formal applications from more than 20 countries seeking BRICS membership, reflecting growing interest in joining the economic coalition. Remarkably, the inclusion of these new members would raise the BRICS coalition to encompass 37% of global GDP in terms of purchasing power and 46% of the world’s population.

Chinese President Xi Jinping stressed that the expansion marks a new starting point for the improvement of BRICS cooperation, which contributes to world peace and development. While acknowledging the difficult negotiations, Russian President Vladimir Putin praised Ramaphosa’s diplomatic efforts.

The expansion of BRICS signals the coalition’s relevance and influence on the global stage, fueling growing interest from other nations to join the group. The prospect of future additions and the opportunity to trade within the bloc with local currencies further enhance the dynamics of the coalition.

While BRICS remains open to new members, the inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates brings unique challenges and opportunities. The aim of the expansion is to strengthen cooperation between these nations and contribute to shaping the global economic landscape.

This article is sourced from and written by AI.

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