NEW DELHI: Iran, Saudi Arabia, the United Arab Emirates, Argentina, Egypt, and Ethiopia will join BRICS in January next year, the bloc announced on Thursday following long deliberations on its expansion at the 15th Summit.
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, has invited the six countries to join it, South African President Cyril Ramaphosa announced.
Prime Minister Narendra Modi extended a warm welcome to the new entrants, stating, “India has consistently supported the expansion of BRICS membership. This step will strengthen BRICS as an organization and invigorate our collective efforts.”
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“It reinforces faith in the multipolar world order. We have finalized guiding principles, standards, criteria, and procedures for expansion. BRICS Expansion and Modernization is a message to global institutions to adapt to changing times,” he added.
At the summit venue, PM Modi engaged in a brief conversation with Chinese President Xi Jinping, telling the neighbour to step up the process of finding a resolution to the long-running border dispute and de-escalation.
The UAE President expressed appreciation for BRIC leaders’ approval of the country’s inclusion. The Ethiopian PM hailed BRICS entry as a ‘great moment’ for the country. Similar sentiments were echoed by the leaders of other nations joining the bloc.
The declaration of the 15th BRICS Summit stated, “We appreciate the considerable interest shown by countries of the Global South in BRICS membership. Consistent with the BRICS spirit and commitment to inclusive multilateralism, the BRICS countries have reached consensus on guiding principles, standards, criteria, and procedures for the expansion process.”
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Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will become full members of BRICS from January 1, 2024.
BRICS originated in the mid-2000s with a group of four countries. The first summit took place in Russia in 2009, and later South Africa joined to form BRICS, an acronym representing Brazil, Russia, India, China, and South Africa.
It holds immense significance as a grouping of major emerging economies, representing 41 per cent of the global population, 24% of the world GDP, and over 16% of global trade. These countries have been crucial drivers of global economic growth.