BRICS officially expands: Six new members to join bloc next year

Argentina, Ethiopia, Iran, Egypt, Saudi Arabia and UAEwill become full members of BRICS, announced South African President Cyril Ramaphosa on Thursday (August 24).According to Ramaphosa, the membership will come into force from January 1, 2024.

"We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates, to become full members of BRICS. The membership will take effect from the first of January 2024," Ramaphosa told a summit.

Nearly 40 countries had expressed interest in joining the alliance, dedicated to championing the development of the "Global South".

In the lead-up to the summit and during the event, calls to enlarge the grouping had continued to gain pace. In the end, the group, whichmakes decisions by consensus, had agreed on "the guiding principles, standards, criteria and procedures of the BRICS expansion process", according to Ramaphosa.

Leaders laud the expansion move

Russian President Vladimir Putin who attended the summit via video conferencing, speaking on the expansion of the alliance said: "The efforts they [leaders] have made, I would like to note, as it turned out that this was a unique diplomatic mastery-- including BRICS expansion."

"I would like to call out for more expansion of BRICS around the world.We will also establish the procedures so that BRICS continue to grow."

Meanwhile, Indian Prime Minister Narendra Modi also applauded the move and congratulated South Africa for successfully hosting the summit.

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

"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."

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Chinese President Xi Jinping commenting on the expansion, lauded the grouping's consensus and ability to come to a unified agreement.

"I welcome all the new members of the BRICS organization.This membership expansion is historic, it shows unity and meets the demands of the growing world.I'm confident that if we work with a common interest and in unity, we will reach greater heights," said Jinping.

The last time the forum saw an expansion was in April 2011 when South Africa was added during the third summit held in Sanya, China.Prior to South Africa's participation, the forum was named BRIC, coined by Jim O’Neil of Goldman Sachs in 2001.

BRICS iscurrently home to about 40 per centof the world's population and a quarter of global gross domestic product. The expansion is expected to increase the might of the bloc and could potentially rival other prominent groupings if the member countries manage to settle on a coherent vision.

(With inputs from agencies)

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