Here are the New Members of BRICS

The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, On Thursday introduced their latest members. 

The fifteenth summit of BRICS leaders had earlier commenced on Tuesday, August 22, and is scheduled to conclude on Thursday, August 24, happening on the Sandton Conference Centre in Johannesburg, South Africa.

The group’s six new members who have been launched, embrace Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE.

Matamela Ramaphosa, South Africa’s president, said through the announcement that BRICS is a group of various nations. It’s a cooperative alliance of nations with various views however a typical objective for a greater world.

Additionally, the 5 BRICS nations have come to phrases with the ideas, requirements, standards, and steps for increasing BRICS, a subject that has been underneath dialogue for a while. Whereas, settlement has been reached on the preliminary section of this enlargement, with extra phases to come back.

He added, “We’ve determined to ask 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 turn out to be full members of BRICS, the membership will take impact from 1 January 2024.” 

What you must find out about BRICS

BRICS stands for Brazil, Russia, India, China, and South Africa. This group includes 5 vital rising economies which were experiencing speedy progress collectively. Collectively, the BRICS nations are house to greater than three billion folks and boast a mixed GDP surpassing $20 trillion. The principle targets of this alliance are to spice up financial collaboration, foster political discussions, and amplify the illustration of rising economies worldwide.

BRICS has a illustration of roughly one-fourth of the world’s inhabitants and about 16% of the worldwide GDP. These nations are additionally vital commodity exporters, dealing in sources like oil, gasoline, and metals. 

Regardless of this, they encounter shared difficulties like growing inequality, corruption, and environmental decline. In response, the BRICS nations are collaborating to sort out these points and advance their mutual aims on the worldwide platform.

Associated