Five Countries Officially Become New BRICS Members

Among them is the UAE.

Five new countries officially joined and became full members of the interstate association called BRICS. This was reported by RBC-Ukraine with reference to Al Arabiya and Africanews.

Introduction of Saudi Arabia

It is noted that the Kingdom has officially begun its membership in the BRICS bloc.

In August, Saudi Foreign Minister Faisal bin Farhan Al Saud said the Kingdom would study the details before the proposed accession date of January 1 and make a decision accordingly.

Prince Faisal bin Frahan has said that BRICS is a beneficial and important channel for strengthening economic cooperation.

Who else became members of the association?

The publication writes that Iran, Ethiopia, Egypt and the UAE have also joined BRICS.

“The rise of BRICS could mean a change in the geopolitical landscape, although analysts remain uncertain whether the expansion will be a help or a hindrance for BRICS members,” the material says.

Some experts say divisions within the group could weaken the decision-making process and the strength of the BRICS as a whole. However, BRICS members hope that expansion will lead to “greater representation of emerging economies and a chance to move away from dependence on the US dollar”.

BRICS

This is an interstate association, a union of ten states: Brazil, Russia, India, China, South Africa, UAE, Saudi Arabia, Iran, Egypt and Ethiopia.

The organization (commonwealth of states) was founded in June 2006 (as BRIC, BRIC), within the framework of the St. Petersburg Economic Forum with the participation of the ministers of economy of Brazil, Russia, India, and China.

As of August 2023, 40 countries have expressed interest in joining BRICS, about 20 of which have formally requested admission.

BRICS expansion

In August it was reported that five countries would become new members of the BRICS association. These are Argentina, Egypt, Iran, the UAE and Saudi Arabia.

However, recently Argentine President Javier Miley sent letters to five BRICS member countries, including Russia and China, in which he announced his decision to refuse to join the association.