BRICS bloc expands: Saudi Arabia, UAE, Egypt to join as full members

Informal meeting of  the BRICS during the 2019 G20 Osaka summit
(File photo: Jordan News)
JOHANNESBURGSaudi Arabia, the world's largest exporter of crude oil, has received an invitation to become a full member of the BRICS economic bloc, as announced by South African President Cyril Ramaphosa on Thursday. This invitation has also been extended to Iran, the United Arab Emirates, Argentina, Egypt, and Ethiopia, all of whom have already expressed their interest in joining.اضافة اعلان

Ramaphosa stated, "Membership will come into effect starting from the first of January, 2024,” CNN reported. 

This news emerged on the concluding day of this year's annual BRICS summit, held in Johannesburg, South Africa, which marks the group's first expansion since 2010. 

Currently consisting of Brazil, Russia, India, China, and South Africa, the BRICS group is now welcoming these new members.

Meanwhile, Russian President Vladimir Putin conveyed his congratulations to the new BRICS members through a video message, emphasizing the bloc's escalating global influence. He expressed, "I extend my congratulations to the new members who will be fully engaged next year. I assure all our colleagues that the endeavors we initiated today to augment BRICS' impact on the world will persist."

He further asserted, "This involves establishing practical collaborations with the new members, as well as those participating in BRICS outreach with our partners who express a desire to cooperate with us."

Putin also acknowledged the challenging nature of the matter regarding a unified currency for BRICS countries. Despite this, he conveyed his intent to make progress in resolving such issues, stating, "We are committed to making strides towards resolving these challenges."

Indian Prime Minister Narendra Modi echoed his approval of this expansion, asserting that his country has consistently believed in the fortifying effect of incorporating new members into the bloc.

This announcement notably places Saudi Arabia, the world's foremost exporter of crude oil, within the same economic bloc as China, the world's largest importer of oil.

The expansion of the BRICS group has spurred discussions regarding the potential for de-dollarization. However, analysts have remarked that the likelihood of a BRICS currency materializing in the immediate future remains low.

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