UAE, Saudi Arabia among six nations to join BRICS group in 2024
This marks the first phase of this BRICS expansion process
India has close ties, historic ties, with each of these countries, said PM Modi
Updated: Aug 24th, 2023
The BRICS grouping announced today that six nations— Egypt, Ethiopia, Iran, Argentina, the UAE, and Saudi Arabia, will be included as full time members.
South Africa president Cyril Ramaphosa announced this at the BRICS summit.
The membership will be effective from January 1, 2024.
BRICS welcomes the new members
“We have consensus on the first phase of this BRICS expansion process,” Ramaphosa told reporters in Johannesburg.
These six nations will join Brazil, Russia, India, China and South Africa.
Speaking immediately after Ramaphosa’s announcement, PM Narendra Modi, who is in Johannesburg to attend the BRICS Summit, welcomed all six nations and vowed to work with the other nations to continue adding nations that express interest in joining.
“I take this opportunity to welcome these six nations to BRICS... and I congratulate the leaders and people of these nations. India has close ties, historic ties, with each of these countries and I believe we will work together for a new era of cooperation and prosperity,” PM Modi said.
“On the occasion of the 15th anniversary of BRICS, we have taken the decision to expand this forum. India has always fully supported this expansion. Such an expansion will make BRICS stronger and more effective. In that spirit, India welcomes Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE into the BRICS family,” he later said on X.
What does the BRICS do?
BRICS seeks to restructure the political and economic environment to give an advantage to its members with initiatives such as the BRICS Business Council.
Additionally, they formed the Contingent Reserve Agreement, designed to offer short-term financial support, and the New Development Bank, which funds development projects within BRICS nations.
Currently, the member nations are even thinking about their own, BRICS currency, that they can trade, invest, and exchange among the member nations, decreasing the dependability on the dollar.
(Source: IANS)
-Edited for style
For more such updates and news on the go, follow us on
