BRICS Acknowledges New Members: Ethiopia, Saudi Arabia, Egypt, United Arab Emirates, Iran

On January 1, a noteworthy milestone occurred when Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia formally joined the BRICS alliance, bringing the total number of members to 10

The BRICS organization now has 10 members after Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia formally joined on January 1. This is a big step. The expansion intends to increase the group’s influence on the international scene and is originally scheduled to take place during the 15th BRICS summit in August 2023 in Johannesburg, South Africa. After being invited at first, Argentina declined in December.

BRICS Expands Globally by Adding Five New Members

Participation Growth: The BRICS organization gained two more members on January 1st when Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia became official members. The expansion, which was initially scheduled for August 2023 in Johannesburg, is intended to increase the group’s worldwide prominence.

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Enhanced Global Influence: With a combined population of 3.5 billion, the BRICS countries currently account for around 28% of the world economy and have an economy larger than $28.5 trillion. Although this expansion suggests a possible change in the geopolitical landscape, observers are unsure how it will affect group dynamics and decision-making in general.

Possibilities and Difficulties

Divergent Viewpoints: Some analysts warn that BRICS’s capacity for decision-making may be weakened by internal divisions. Nonetheless, the member countries hope to use the larger group to their advantage in order to decrease their dependency on the US dollar and increase the presence of emerging economies.

unified Currency Proposal: The August demand for a unified currency among the BRICS by the president of Brazil highlights the organization’s goal of enhancing economic cooperation. As the current BRICS president, Russia hopes to strengthen the organization’s position in the global financial system by encouraging the inclusion of new members in its operations.

The President of Russia

Russia’s year-long chairmanship, with the theme “Strengthening Multilateralism for Equitable Global Development and Security,” aims to strengthen the BRICS’ position, with the annual summit in Kazan taking place in October. President Vladimir Putin highlights the BRICS countries’ dedication to just global growth by highlighting efforts to incorporate new members in a harmonic manner.