The United Arab Emirates (UAE), Saudi Arabia, Ethiopia, and Egypt have received approval to join the influential economic grouping, marking a significant expansion of the alliance.
The decision to include the new members was reached after the 15th BRICS Summit held in August 2023 in South Africa.
The move is widely seen as a testament to the increasing influence and authority of BRICS in international affairs.
The inclusion of the UAE, Saudi Arabia, Ethiopia, and Egypt underscores the bloc’s commitment to fostering economic collaboration and enhancing diplomatic ties across diverse regions.
During the 2023 Summit, discussions were held regarding the development and adoption of a common BRICS currency, a proposal aimed at challenging the global dominance of the United States dollar.
If realized, this initiative could reshape international trade dynamics and strengthen the economic standing of the BRICS nations.
Russia, having hosted the 15th Summit, has assumed the chairmanship of the BRICS bloc for the entirety of 2024.
In a statement on Monday, President Vladimir Putin outlined Russia’s priorities during its leadership term.
“During Russia’s tenure in leading BRICS, we will focus on positive and constructive cooperation with all countries concerned.
“Preserving traditions and guided by the experience gained by the association in years past, the organization will facilitate the harmonious integration of new participants in all formats of its activities,” President Putin remarked.
The expansion of BRICS and the potential adoption of a common currency signal a strategic shift in the global economic landscape.
As the bloc welcomes new members and charts a course for deeper collaboration, the world will be watching closely to assess the impact of this influential alliance on international relations and economic policies.