BRICS bloc expands to include Egypt, Ethiopia, Iran, Saudi Arabia, UAE

The BRICS bloc, comprising major emerging economies like India, Russia, and China, has expanded to include five new full members. These are Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. 

This expansion comes amidst a backdrop of Western dominance in global affairs. Russian President Vladimir Putin, as the presiding head of BRICS, confirmed the development. 

Initially, Argentina was also set to join the bloc from January 1, following the approval of the summit's leaders. However, Argentina's President Javier Milei decided against it. Putin recognised the addition of new members as indicative of the growing influence and role of BRICS in international matters. He also noted the increasing number of supporters and countries sharing the bloc's principles.

These include sovereign equality, openness, consensus, and the aspiration for a multipolar international order and a fair global financial and trading system. 

The BRICS bloc, which represents a quarter of the global economy, was established in September 2006. It was originally named BRIC and included Brazil, Russia, India, and China. South Africa joined in September 2010, leading to the bloc being renamed BRICS. 

Putin stated that Russia's 2024 BRICS chairmanship will focus on fostering positive and constructive cooperation with all relevant countries. He also mentioned the possibility of introducing a new category of BRICS partner countries and that Russia would continue to advance all aspects of the BRICS partnership in three key areas: politics and security, economy and finance, and cultural and humanitarian contacts.

Also read: Why expansion of BRICS is so profound for the global economy