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According to the Financial Times, on August 24, South African President Cyril Ramaphosa announced that the BRICS group (including Brazil, Russia, India, China and South Africa) decided to invite six countries including Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates (UAE) to join the bloc.
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| Leaders attend the BRICS Summit. Photo CNBC |
The decision was made at the BRICS Summit taking place from August 22 to 24 in Johannesburg, South Africa.
According to the latest statement from the President of South Africa, the above countries will be accepted as BRICS members from January 1, 2024.
BRICS expansion is a major focus at the summit. More than 20 countries have signed up for full membership. Calls for expansion have been supported by leaders in the bloc. The South African president has said it represents a group of countries that want a more balanced world order.
BRICS has a total population of 40% of the world's population and a combined GDP of 25% of the world's GDP. South African officials said more than 40 countries have expressed interest in joining the bloc, of which 22 have made formal requests. At the summit, BRICS leaders also unanimously approved a resolution to study the development of a new payment currency.
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