At the annual BRICS summit in Johannesburg, South African President Cyril Ramaphosa announced on Thursday that Saudi Arabia, alongside Iran, the United Arab Emirates, Argentina, Egypt, and Ethiopia, has been invited to join the BRICS economic bloc.
All the nations invited have conveyed their eagerness to become part of the group. The inclusion of these countries is scheduled to take effect from 1 January 2024. This is a notable expansion for the bloc, which currently consists of Brazil, Russia, India, China, and South Africa, and it’s the first since 2010.
Russian President Vladimir Putin, in a video message, extended his congratulations to the new BRICS entrants, hinting at the continued growth of the bloc’s global influence. He mentioned, “I would like to congratulate the new members who will work in a full-scale format next year. We aim to further the work we initiated today, striving to boost the BRICS’ global impact.”
While Putin acknowledged the topic of a unified currency for BRICS nations as challenging, he remained optimistic about finding a solution in the future. Indian Prime Minister Narendra Modi also echoed similar sentiments, embracing the enlargement and emphasising India’s belief that the addition of new members would fortify the bloc.
A point of intrigue is the inclusion of Saudi Arabia, the globe’s predominant crude oil exporter, placing it in the same economic consortium as China, the world’s most substantial oil consumer.
Although the expansion has sparked discussions about a potential move away from the US dollar, industry experts believe the prospect of a dedicated BRICS currency remains distant.
