By Ayo Yusuf
Six new members including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE have become the latest addition to BRICS, the bloc of five major emerging economies that comprised Brazil, Russia, India, China, and South Africa.
South Africa’s president, Matamela Ramaphosa, made the announcement Thursday, at the 15th BRICS Summit of Heads of State and Government taking place in Johannesburg, South Africa.
According to Mr. Ramaphosa, “BRICS itself is a diverse group of nations. It is an equal partnership of countries that have differing views but have a shared vision for a better world.
“As the five BRICS countries, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been in discussion for quite a while. We have consensus on the first phase of this expansion process, and other phases will follow.
“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 1 January 2024,” he said.
The announcement was the highlight of the activities marking the last day of the Summit which started Tuesday, August 22, and is to end Thursday, August 24 at the Sandton Convention Centre, Johannesburg, South Africa.
With the latest addition, BRICS now controls over 50% of the world’s oil reserves making it a formidable economic bloc.
