June 22, 2024

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The BRICS group invites 6 new members, including Saudi Arabia and Iran

The BRICS group invites 6 new members, including Saudi Arabia and Iran

BRICS officials during the last day of the 15th summit of the bloc in South Africa.

bloomberg | bloomberg | Getty Images

The BRICS Emerging Markets Economic Alliance has decided to extend membership invitations to six countries, South African President and current BRICS Chairman Cyril Ramaphosa said Thursday.

In a letter published, Ramaphosa said the BRICS alliance – which consists of Brazil, Russia, India, China and South Africa – is set to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join. on the X social networking platformformerly known as Twitter.

South Africa is currently hosting the 15th BRICS Summit. Russian President Vladimir Putin was unable to attend in person, likely because of an ICC warrant that would theoretically have obligated the host country – a signatory to the ICC – to proceed with his arrest.

“BRICS is a diverse group of countries,” Ramaphosa said. “It is an equal partnership between countries that have different views but have a common vision for a better world. As is the case with the Five Nations #bricks Members, we have come to an agreement on the guidelines, standards, standards and procedures of the committee #bricks expansion process.”

Twenty-three countries have formally applied for BRICS membership, including the six countries Ramaphosa said are hereby invited. Other major African players, such as Nigeria and Ghana, have informally expressed interest.

“We respect the vision of the BRICS leadership and appreciate the inclusion of the UAE as a member of this important group. We look forward to continued commitment to cooperation for the prosperity, dignity and benefit of all nations and peoples around the world.” And the President of the United Arab Emirates, Mohamed bin Zayed, said at X.

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Gustavo de Carvalho, a policy analyst and senior research fellow at the South African Institute of International Affairs, said at X that potential new members would not only increase the visibility of the BRICS bloc, but also provide an opportunity for alliance participants to trade with each other. in local currencies.

“It remains uncertain what will happen to group dynamics, but it is clear that they provide a new space for trade within the global South. Much of the arguments in the statement reflected the collective voice about the need to change international institutions, especially international financial institutions such as the World Bank and the IMF,” he noted. International and the World Trade Organization.

This is a breaking news story and is being updated.