In a recent announcement made during the Johannesburg summit, the BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has welcomed six new member countries. President Cyril Ramaphosa of South Africa revealed this development on Thursday.
Starting from January 1, 2024, Iran, Saudi Arabia, the United Arab Emirates, Egypt, Argentina, and Ethiopia are set to become part of the expanding BRICS group. These emerging nations aim to enhance their influence on the global stage through their membership.
Currently comprising 23% of the global Gross Domestic Product (GDP) and representing over a third of the world’s population, the BRICS countries hold substantial economic and demographic significance. However, their economic performance varies across the group due to their diverse geographical distribution spanning four continents.
This move signifies an increase in international cooperation and an expansion of the geographic reach of this influential group, potentially contributing to a greater balance of power on the global stage.