Saudi Arabia, UAE, Egypt to join BRICS bloc

A summit of the BRICS nations on Thursday decided to expand the group by inviting six more nations to be part of the bloc, including Saudi Arabia and the UAE.

 

Argentina, Egypt, Iran and Ethiopia will also become new members of the group from January 1, 2024 , said South African President Cyril Ramaphosa said. The summit was held in Johannesburg. 

 

The group now comprises Brazil, Russia, India, China and South Africa.

 

The summit in Johannesburg was also attended by President of Brazil Lula Da Silva; Russian President Vladimir Putin; Indian Prime Minister Narendra Modi, and the People's Republic of China President Xi Jinping.

 

“As the five BRICS countries, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while. We have consensus on the first phase of this expansion process, and further phases will follow.

 

“We have decided to invite the Argentine 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. The membership will take effect from 1 January 2024,” President Ramaphosa said. 

 

He said this in his capacity as Chair of BRICS during a media briefing to announce the outcomes of the XV BRICS Summit held at the Sandton Convention Centre in Johannesburg on Thursday.

 

Modi said that India has always fully supported the expansion of BRICS as it believed that addition of new members will further strengthen the grouping.

 

The debate over expanding the BRICS bloc had topped the agenda at a three-day summit.

 

Meanwhile, President Ramaphosa reiterated the bloc’s commitment to the principles of solidarity, sustainable development and an equitable world order.

 

He said the BRICS partnership must be harnessed to drive inclusive global economic recovery.

 

The South African Statesman said the world is changing. "New economic, political, social and technological realities call for greater cooperation between nations.

 

“These realities call for a fundamental reform of the institutions of global governance so that they may be more representative and better able to respond to the challenges that confront humanity,” the President said.

 

Ramaphosa added while BRICS is firmly committed to advancing the interests of the Global South, BRICS stands ready to collaborate with all countries that aspire to create a more inclusive international order.

 

“BRICS stands for solidarity and for progress. It stands for inclusivity and a more just, equitable world order. It stands for sustainable development.

 

“We are an inclusive formation of developing and emerging economies that are working together to benefit from our rich histories, cultures and systems to advance common prosperity. We do so because we know that poverty, inequality and underdevelopment are the biggest challenges facing humankind.”

 

 

Source: https://www.tradearabia.com/news/MISC_412555.html

 

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