BRICS expands: Saudi Arabia, Iran, and others are invited to join emerging economies.

The What are the foreign exchange trading platforms?leaders of the BRICS group have invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates to join, an initiative aimed at enhancing the group's influence in advocating for the "Global South."

This expansion might also pave the way for other interested countries to seek membership in the BRICS, which currently includes Brazil, Russia, India, China, and South Africa.

During the BRICS leaders' summit, South African President Cyril Ramaphosa announced the new candidate members. BRICS is entering a new chapter, striving to build a world that is fair, just, inclusive, and prosperous.

These new candidate members will officially join on January 1, 2024. Presidents Ramaphosa and Luiz Inacio Lula da Silva of Brazil indicated that the possibility for further new members will be open in the future. Ramaphosa noted in a press conference that a consensus has been reached in the first phase of member expansion, with other phases to be discussed gradually.

Lula stated that the commitment to globalization has failed due to the "risk of nuclear war," and it is now time to rejuvenate and develop cooperation with developing countries, hinting at the escalating tension between Russia and the West over the conflict in Ukraine.

UAE President Mohammed bin Zayed remarked that the country is already a member of the group's New Development Bank (NDB). He expressed anticipation for continued cooperation, committing to the prosperity, dignity, and interests of people and nations globally in a statement on the messaging platform X.

At the three-day summit meeting, discussions on expanding the BRICS scope were at the forefront of the agenda. Although the BRICS members encompass about 40% of the global population and a quarter of the global GDP, the group's stance in global politics and economics has been relatively low due to an extended inability to reach a unanimous vision for the group.

According to South African officials, more than 40 countries have expressed interest in joining BRICS, with 22 countries formally requesting membership. These nations form a diverse group of potential candidates, motivated primarily by the desire to achieve global balance in what they perceive as an unfavorable global competitive environment. They are attracted by BRICS's commitment to balancing international institutions currently dominated by the United States and other affluent Western countries.

Indian Prime Minister Narendra Modi stated that the expansion of the group should serve as a model for other global institutions established in the 20th century that have become outdated. BRICS's expansion and modernization signal to all world institutions the need to adapt to the evolving times.

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