Argentina, Egypt, Ethiopia, Iran, the U.A.E. and Saudi Arabia have been invited to join the club of emerging nations, strengthening its role as a geopolitical alternative to Western-led forums.
AMN / WEB DESK
The five-nation BRICS Group of emerging economies on Thursday decided to expand its membership, feeding concerns about a growing global divide.
The group said that Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia had been invited to join, and that their membership would begin in January.
The BRICS group, which encompasses Brazil, Russia, India, China and South Africa, announced the expansion at a summit in South Africa that attracted a level of global interest rarely seen in recent years. The group represents a quarter of the world’s economy and about 40 percent of the world’s population and has increasingly sought to be a counterweight to the dominance of Western-led forums like the Group of 7 and the World Bank.
Prime Minister Narendra Modi has said that during the three-day BRICS Summit, a decision has been taken for the expansion of the five-member Bloc – Brazil, Russia, India, China, and South Africa- BRICS. Mr Modi said that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE will now become full members of BRICS. In his address at the BRICS Summit in Johannesburg today, the Prime Minister said that India has always supported the expansion of BRICS and has always believed that adding new members will strengthen BRICS as an organisation.
He also expressed confidence that working together with these new members will give a new pace and energy to BRICS cooperation. Mr Modi pointed out that India always had very close and historic ties with all these countries. Mr Modi added that with the help of BRICS, new dimensions will be added to our bilateral ties.
The Prime Minister emphasised that the expansion and modernisation of BRICS is an indication that institutions of the world must get accustomed to changing times.
On the success of the Chandrayaan-3 Mission, the Prime Minister said that it is a matter of pride for us that this achievement is being accepted as an achievement for all of humanity. On this historic moment, on behalf of India, its people, and our scientists, the Prime Minister thanked the scientists and the world’s scientific community for their wishes.
Earlier, the President of South Africa Cyril Ramaphosa announced the outcomes of the 15th BRICS Summit in Johannesburg saying that the Summit has reached an agreement to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and UAE to become full members of BRICS. The membership will come into effect on the 1st of January 2024.