BRICS offers it membership
South African President Cyril Ramaphosa said the BRICS group of nations has chosen to extend invitations to six countries to join the group. They are Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates.
The three-day summit in Johannesburg which concluded on Thursday, debated the expansion of the BRICS bloc. This bloc currently comprises Brazil, Russia, India, China, and South Africa.
While all BRICS members have openly voiced their support for the bloc’s growth, there existed differing opinions among the leaders regarding the extent and pace of this expansion.
What is the BRICS? BRICS offers its membership
Meanwhile, Brazil, Russian, India, China, and South Africa constituted the informal group of states known as BRICS. Initiation of BRICS stemmed from the Russian side.
On September 20, 2006, the inaugural BRICS Ministerial Meeting occurred. Russian President Vladimir Putin proposed the group during a UN General Assembly Session in New York.
The foreign ministers from Russia, Brazil, and China, along with the Indian Defense Minister participated in the meeting. Their participation indicated an eagerness for enhanced multilateral cooperation.
A crucial juncture emerged on May 16, 2008, when Yekaterinburg hosted the BRICS Foreign Ministers Meeting under Russia’s initiative. This gathering culminated in a Joint Communique that reflected shared stances on pertinent global development issues.
BRICS Summit in South Africa
In Johannesburg, Russian President Vladimir Putin said the days of the US dollar’s dominance in trade among BRICS countries are limited. During the BRICS’ summit, Putin stated that members would deliberate the shift of trade from the dollar to national currencies. He said that the BRICS New Development Bank will assume a pivotal role.
He emphasized, “The process of de-dollarization in our economic ties, which is objective and irreversible, is gaining momentum.”
Heads of the BRICS nations in a group photo. Putin said the dollar’s domination will soon be over.
Comprising Brazil, Russia, India, China, and South Africa, the BRICS members represent over 40% of the global population.
Security measures have been heightened across Johannesburg, the hosting site for the BRICS summit. South African President Cyril Ramaphosa welcomed leaders including China’s President Xi Jinping, Indian Prime Minister Narendra Modi, Brazil’s President Luiz Inacio Lula da Silva, and around 50 other dignitaries.
Leading the KSA’s delegation at the summit, Saudi Foreign Minister Prince Farhan bin Faisal said that the group of prominent emerging economies aspires to establish itself as a counterbalance to the Western-led global order.
Putin, who could not attend in person due to an International Criminal Court arrest warrant, delivered his address to the summit via video. He affirmed that the bloc is advancing toward fulfilling the aspirations of a significant portion of the world’s population.
