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Monday, April 15, 2024

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BRICS Expansion: Saudi Arabia Along With Four Others Join The Alliance

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On Monday, Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia became members of the BRICS alliance.

At the 15th BRICS summit in Johannesburg, South Africa, in August 2023, the five nations were scheduled to become members of the group. Argentina was invited as well, but at the end of December, declined.

The goal of Monday’s member doubling is to give the group more influence on the international scene. The expansion of the group may signal a change in the geopolitical environment

However, experts are unsure if this will benefit or hurt the BRICS countries. Differences within the group, according to some experts, could reduce the BRICS’ overall power and decision-making ability.

The BRICS nations do, however, hope that the expansion will provide emerging economies more visibility and an opportunity to wean themselves of the US dollar.

Brazil, Russia, India, and China founded the BRICS group of developing nations in 2006; South Africa joined the group in 2010.

Since then, it has developed into a crucial forum for collaboration between developing nations and emerging markets. Approximately 3.5 billion people live in the newly expanded BRICS, and their combined economy is valued at over $28.5 trillion, or roughly 28% of the world economy.

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