The economic bloc known as BRICS (Brazil, Russia, India, China and South Africa) that among others aims to end Western economic and political hegemony, has invited six countries – Ethiopia, Egypt, Iran, Saudi Arabia, Argentina, and United Arab Emirates to become its members.
The announcement is made on Thursday August 24, 2023, by South Africa President Cyril Ramaphosa at the conclusion the three days Summit of the bloc. “We have decided to invite the Argentina Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates to become full members of BRICS,” President Ramaphosa said.
Cinese President Xi Jinping on his part said: “…This membership expansion is historic.” “The expansion is also a new starting point for BRICS cooperation. It will bring new vigor to the BRICS cooperation mechanism and further strengthen the force for world peace and development,” he said.
So far about two dozen of countries from around the world have submitted their interest to become member of BRICS, which among other things aims to redefine international trading system by introducing currency swap and ending dominance of US Dollar and forex related bottlenecks and associated political influence of the West and the United States of America.
BRICS held its first summit in 2009 in the midst of Global Recession. It represents 3 billion people (40% of World Population), and accounts for $20 trillion of GDP which is growing at 28% growth rate.
It is recalled that in 2015 the BRICS have established the New Development Bank (NDB) that focuses on financing major infrastructure projects. With total amount $32.8 billion financing approved, NDB has been building or upgrading and planning to impliment major infrastructure projects 17,000 kms of roads, 820 bridges, 35,000 houses, and 1,390 kms of water tunnel/canal infrastructure in the five member states of BRICS.