Five new countries officially join BRICS
Photo: Saudi Arabia and 4 other countries have officially joined BRICS (Getty Images)
Five new countries have officially joined and become full members of the intergovernmental association known as BRICS, according to Al Arabiya and Africanews.
Saudi Arabia's entry
It is noted that the Kingdom has officially commenced its membership in the BRICS bloc.
In August, Saudi Arabia's Minister of Foreign Affairs, Faisal ibn Farhan Al Saud, stated that the Kingdom was studying the details for joining, with a proposed entry date of January 1, and would make an "appropriate decision."
Prince Faisal bin Farhan stated that BRICS is a "beneficial and important channel” to strengthen economic cooperation.
Other new members
It is noted that Iran, Ethiopia, Egypt, and the UAE have also joined BRICS.
"The group's growth could mark a shift in the geopolitical landscape, although analysts remain uncertain as to whether the expansion will be a help or a hindrance to BRICS members," the material states.
Some experts suggest that internal differences within the group could weaken the decision-making process and the strength of BRICS overall. However, BRICS members hope that expansion will lead to "greater representation for emerging economies and a chance to move away from reliance on the US dollar."
BRICS
This is an intergovernmental association, a union of ten states: Brazil, Russia, India, China, South Africa, the UAE, Saudi Arabia, Iran, Egypt, and Ethiopia.
The organization (group of associated states) was founded in June 2006 (as BRIC, before South Africa's inclusion), during the St. Petersburg Economic Forum, with the participation of ministers of economy from Brazil, Russia, India, and China.
As of August 2023, 40 countries expressed interest in joining BRICS, with about 20 officially applying for membership.
BRICS expansion
In August, it was reported that five countries would become new participants in the BRICS association. These were Argentina, Egypt, Iran, the UAE, and Saudi Arabia.
However, recently, Argentina's President Javier Milei sent letters to five BRICS member countries, including Russia and China, announcing the decision to refrain from joining the association.
