The BRICS group, originally formed by Brazil, Russia, India, China, and South Africa, officially expanded on Monday 1 January, welcoming Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia into its fold.
This significant expansion, a result of numerous membership requests over the years, underscores the growing importance and influence of the BRICS alliance. The process began recognizing the economic potential and strategic positions of the new members at the Johannesburg Summit in August 2023.
President Vladimir Putin, set to assume the rotating chairmanship of BRICS in 2024, has articulated the group’s commitment to strengthening multilateralism for equitable global development and security.
The addition of these five nations amplifies the BRICS group’s economic and political power, boasting a combined population exceeding 2.5 billion and a collective GDP surpassing $16 trillion.
The next BRICS summit, scheduled for October 2024 in Kazan, Russia, promises over 200 events across 10 cities throughout the year, highlighting the group’s dedication to fostering cooperation on multiple fronts.
India’s Prime Minister Modi, speaking at the Johannesburg summit, expressed optimism about the new members infusing fresh momentum and energy into the bloc’s cooperation.
With over 40 nations applying to join BRICS this year, the alliance’s expanding influence signifies a shift in global dynamics.
As BRICS forges ahead under its new leadership, the collective strength of its member nations, accounting for 42% of the global population, over 26% of the global economy, and a combined GDP exceeding $23 trillion, solidifies its position as a key player in shaping the future of global trade and politics.