The BRICS consortium, a pivotal forum for emerging economies and developing nations, has officially inducted five new nations: Egypt, Iran, Saudi Arabia, the UAE, and Ethiopia.
Effective from Monday, this marks a notable enlargement for the alliance, initially established by Brazil, Russia, India, China, and South Africa.
The decision to expand follows a surge in membership applications in recent times, underscoring BRICS’s rising significance and sway. At the August 2023 Johannesburg Summit, these nations were formally invited, given their economic prowess and strategic relevance in their respective areas.
Russian President Vladimir Putin, set to assume BRICS’s rotational leadership in 2024, has stressed the alliance’s dedication to “bolstering multilateralism for balanced global progress and safety.” Russia intends to host a plethora of events, encompassing political, economic, and societal facets, across 10 cities throughout the year, concluding with a summit in Kazan by October.
Putin also highlighted his belief that BRICS endeavors would positively influence global frameworks. He contends that an increasing number of nations are looking beyond the US-led “rules-centric approach,” preferring strategies aligned with their interests and those of their allies. This shift, he posits, will pave the way for collaborative growth.
During his annual press briefing, Putin reaffirmed his commitment to enacting the resolutions from the Johannesburg gathering, especially concerning BRICS’s enlargement.
With the inclusion of these nations, BRICS now represents a vast populace exceeding 2.5 billion and a combined GDP surpassing $16 trillion. The evolving dynamics of this broadened BRICS consortium will be watched keenly to discern its future impact on the global stage.
