BRICS expansion a sign of growing influence
The BRICS group of emerging economies has agreed to expand from five to eleven members, with Argentina, Iran, Saudi Arabia, Egypt, and the United Arab Emirates being invited to join, according to internation press.
The decision was announced by South African President Cyril Ramaphosa at the conclusion of the BRICS summit in Johannesburg.
"This is a watershed moment for BRICS," Ramaphosa said. "The expansion of BRICS will strengthen our cooperation and promote the interests of our peoples."
The new members are expected to join BRICS on January 1, 2024.
The BRICS group was founded in 2009 by Brazil, Russia, India, China, and South Africa. The group has since become a major force in the global economy, accounting for a quarter of global GDP and 42% of the world's population.
The expansion of BRICS is seen as a sign of the group's growing influence and importance. It is also a reflection of the changing global landscape, with emerging economies playing an increasingly prominent role.
