Saudi Arabia and Iran Among 5 Countries Welcomed to BRICS
BRICS has officially welcomed Egypt, Iran, Saudi Arabia, UAE and Ethiopia into the platform.
The BRICS group, which is “a key platform for emerging markets and developing countries,” was originally initiated by Brazil, Russia, India, China and South Africa.
The expansion comes in the wake of several membership requests in recent years, showing a potential for growth and the influence of the BRICS group.
The Johannesburg Summit had formally invited the five new members to join, reportedly recognizing “their economic potential and strategic positions within their respective regions.”
Russia’s President, Vladimir Putin is currently the rotating chairman of BRICS in 2024. Putin expressed the group’s commitment to “strengthening multilateralism for equitable global development and security.”
Russia is also gearing to host over 200 political, economic and social events across 10 cities throughout the year.
Putin further cited that he believes BRICS activities will have a profound impact on the international system. He claims that a growing number of countries are “seeking alternatives” to the US-led “rules-based order” and would rather be guided by their own interests and those of their comrades.
The addition of five new countries will effectively increase the group’s economic and potential clout, representing a combined population of 2.5 billion and a GDP of over $16 trillion.
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