Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have confirmed they are joining the BRICS bloc

Unusual Whales

Feb 1, 2024 • 1 min read

Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have confirmed they are joining the BRICS bloc, per Reuters.

In August, the existing BRICS members—Brazil, Russia, India, China, and South Africa—extended invitations to six additional nations to join their ranks, forming an alliance between some of the world's leading energy producers and major consumers among developing nations. Argentina was the sole nation to decline the invitation, reversing its predecessor's bid under President Javier Milei, who assumed office this month.

During a recent BRICS sherpa meeting held in Durban, South Africa, senior-level representatives from the six invitees participated fully, indicating their acceptance of the invitation to join, according to Anil Sooklal, Pretoria's ambassador to the bloc. The new members are slated to send officials to the upcoming sherpa meeting in Moscow on January 30.

The term "BRIC" was originally coined in 2001 by economist Jim O'Neill of Goldman Sachs Group Inc., highlighting the robust economic growth in Brazil, Russia, India, and China. The group held its inaugural leaders' summit in 2009 and welcomed South Africa a year later, expanding the alliance to another continent and adding the letter "S" to the acronym.

Approximately 30 countries have expressed interest in establishing ties with the BRICS bloc, as mentioned by Russian Foreign Affairs Minister Sergey Lavrov this week. Nigeria, Africa's most populous nation, has indicated its intention to seek BRICS membership within the next two years, according to Minister of Foreign Affairs Yusuf Tuggar's statement in November.

Despite India, the BRICS nations, over the last five years, have reportedly underperformed their emerging-market counterparts, with US-led sanctions restricting access to Russia for many foreign investors. Additionally, certain sectors in China, particularly technology companies, have faced sanctions or potential investment bans.

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