JOHANNESBURG, South Africa – BRICS countries have agreed to expand the bloc to include six new members: Saudi Arabia, the United Arab Emirates, Iran, Egypt, Ethiopia, and Argentina.
The announcement was made on Thursday morning by BRICS chairperson, President Cyril Ramaphosa, at the conclusion of the 14th BRICS summit in Johannesburg.
Ramaphosa said the expansion of BRICS was a “historic moment” and would “further strengthen” the bloc’s mission for world peace and development.
The new members are all developing economies with significant potential to contribute to the growth and development of BRICS. Saudi Arabia is a major oil producer, the UAE is a financial and trade hub, Iran is a major energy producer, Egypt is a major market in Africa, Ethiopia is a fast-growing economy, and Argentina is a major agricultural producer.
The expansion of BRICS is seen as a major rebalancing of the global economy, with emerging markets and developing countries playing an increasingly important role. It is also seen as a challenge to the dominance of the G7, the group of the world’s seven richest countries.
The new members will be formally admitted to BRICS in January 2024.
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