Egypt, Ethiopia, Saudi Arabia & UAE Are Among 6 New Members Of BRICS Economic Bloc
BRICS Summit 2023 - Egypt and Ethiopia are slated to become new members of the BRICS group of emerging economies starting in 2024, according to statements by South African President Cyril Ramaphosa on Thursday. The expansion will also include the United Arab Emirates, Argentina, Iran, and Saudi Arabia, thereby enlarging the bloc’s current composition, which consists of Brazil, Russia, India, China, and South Africa. The declaration was made by President Ramaphosa during a summit of the BRICS bloc held in Johannesburg.
Following two days of discussions at this week’s summit, the existing five members have reached an agreement to enlarge the bloc, although President Ramaphosa noted that the concept of expansion had been in development for over a year.
This marks the second occasion that BRICS has opted for expansion, with its initial formation in 2009 by Brazil, Russia, India, and China, followed by the inclusion of South Africa in 2010. Currently, the BRICS coalition represents approximately 40% of the global population and contributes over a quarter of the worldwide GDP.
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