BRICS expansion: Who are the New Member Countries?

BRICS is an acronym used for Brazil, Russia, India, China and South Africa. It initially began as an alliance of four countries coming together in 2009 and was named BRIC. It was expanded in 2010 by including the South in the group and was renamed BRICS.

At the 15th BRICS summit, the president of South Africa announced that Argentina, Ethiopia, Iran, Egypt, Saudi Arabia and UAE will become members of BRICS.

Cyril Ramaphosa informed that the new membership will come into force on January 1, 2024.

BRICS currently represents 40% of the world's population and holds more than a quarter of the world’s GDP. This expansion will include three of the biggest oil producers in the world, the UAE, Iran and Saudi Arabia.

Indian Prime Minister Narendra Modi congratulated South Africa for successfully hosting the 15th summit of BRICS.

Modi said, "I would like to congratulate the new members of BRICS. India has ancient ties with all the new member countries. Expansion of BRICS and modernization shows that all world institutions should change with time."

PM Modi said, "On the 15th anniversary of BRICS, we have decided to expand it. India has always believed in the expansion of BRICS because we believe it will give us a new impetus."