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Friday, July 19, 2024


    BRICS announces an expansion with the addition of six more nations, including Saudi Arabia and Iran.

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    The BRICS announced on Thursday that six nations, including Saudi Arabia and Iran, will become full members of the group in January of next year.

    South African President Cyril Ramaphosa revealed on Thursday at the close of the three-day BRICS conference in Johannesburg that the rising economies group has agreed to expand by inviting six more nations, including Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates (UAE).

    He stated that these six nations would become full members of the EU by January 2024.

    According to Ramaphosa, BRICS presidents have assigned their finance ministers and Reserve Bank governors to investigate the problem of making payments in their own currencies, with a report due at the next summit.

    More than 20 nations have indicated interest in joining the developing market group, which includes Brazil, Russia, India, China, and South Africa.

    From August 22 to 24, BRICS leaders convened in Johannesburg for the 15th summit.

    Indian Prime Minister Narendra Modi stated that his country has always been enthusiastic about BRICS expansion. He went on to say that new members will strengthen the bloc and give it fresh life.

    He stated that the growth of the BRICS is a message to all global organisations to adapt to global conditions.

    BRICS growth, according to Chinese President Xi Jinping, is a fresh beginning point for the bloc’s collaboration in advancing the cause of world peace and prosperity. He is optimistic about the bloc’s future.

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