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Brics adds 6: new ‘heavyweights’ boast oil and deep pockets, while others help ‘future-proof’ the bloc, analysts say
- Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE will become full members of the bloc in 2024
- Chinese President Xi Jinping hails ‘historic’ expansion, urges group to ‘write a new chapter’ for emerging market cooperation
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Brics members have agreed to admit six more members to the bloc, adding “heavyweights” with deep pockets, key oil exporters, and countries with booming populations and strategic locations, observers said.
At the Brics summit in Johannesburg on Thursday, South African President Cyril Ramaphosa, the current chair of the group, said Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates would become full members from January 1, 2024.
He said the five Brics countries – Brazil, Russia, India, China and South Africa – had reached an agreement on the guiding principles, standards, criteria and procedures of the expansion process, which had been under discussion for a while.
Ramaphosa said more countries had expressed interest in joining the bloc, and Brics leaders had given their foreign ministers the task of developing criteria for admitting new members and a list of prospective partner countries.
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According to Ramaphosa, Brics members noted there was global momentum for the use of local currencies, alternative financial arrangements and alternative payment systems.
“As Brics, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture,” he said.
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Brics finance ministers and central bank governors will discuss the potential use of local currencies and are expected to report to the leaders at the next summit.
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