Saudi Arabia, UAE, Egypt, Others Join BRICS As New Members

Related stories

Ranked: Countries With the Highest Remittance Costs

Key Takeaways Workers often pay high costs to send...

US Green card, legal status, buying land, own properties, permanent resident status

US green cardholders may be prohibited from buying land...

Lagos: Mr Governor, this sacrifice must get to Olodumare

By Funke Egbemode As a young reporter in the early...

Drama As APC, PDP Trade Words Over Davido, Gov Adeleke’s Visit To Tinubu

By Tajudeen Balogun A mild drama has ensued after Governor...

EFCC Declares Two More Wanted Over CBEX Fraud

By Kolawole Ojebisi Two more suspects have been declared wanted...

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.

 

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Ranked: Countries With the Highest Remittance CostsUS Green card, legal status, buying land, own properties, permanent resident statusLagos: Mr Governor, this sacrifice must get to OlodumareDrama As APC, PDP Trade Words Over Davido, Gov Adeleke's Visit To TinubuEFCC Declares Two More Wanted Over CBEX FraudDefection: Maku Backs Alia, Says No Plan To Make Benue Gov. Dumps APC For PDPShadow Opposition Cabinet: Judge Decides DSS, Utomi's Fate June 25DSS Seeks Court Injunction to Halt Utomi’s Alleged Opposition ProtestsMokwa Flood: Death Toll Hits 200 As NASEMA Recovers Bodies Of 7 ChildrenIn 2 Years, Tinubu Has Surpassed Shagari, IBB, Obasanjo, Yar'Adua, Jonathan, Says APCAnambra Guber: Soludo, Moghalu, Ukachukwu, Others Scale through as INEC Releases Final ListAmaechi Opens Up On Why He Made Wike Chief Of StaffElon Musk Slams Trump’s Spending Bill as An Abomination[VIDEO] Reuben Abati Blasts Wike for "Disrespectful" Comments on Amaechi, OdiliFubara Meets Tinubu in Lagos Amid Political Tension in Rivers State
X whatsapp