Nine new nations to join BRICS, boosting global influence
Nine countries are preparing to join the BRICS bloc, established in June 2009 during a summit in Yekaterinburg, Russia. The group's official goals include developing a new currency system and reforming the UN. By 2020, the GDP of BRICS countries had surpassed the economic growth of the G7 nations.
BRICS currently includes nine member countries: Brazil, Russia, China, South Africa, India, Iran, Egypt, Ethiopia, and the United Arab Emirates, along with partner countries. On January 1, 2025, the bloc will expand further by incorporating nine new countries. The new partners will be Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
Consequently, the countries belonging to BRICS will account for 41% of the world economy and will be home to half of the world’s population.
Russia envisions a common currency for the BRICS developing countries group. This spring, Yury Ushakov, an advisor to Vladimir Putin, mentioned that the bloc aims to create an independent payment system utilizing digital currencies and blockchain technology.
New BRICS members: Argentina pulled out at the last minute
Argentina was initially set to join the bloc, but Javier Milei, the country’s new president, withdrew the application at the last moment. He stated that "he does not currently consider Argentina's accession to BRICS appropriate." Earlier in the year, there were reports that Saudi Arabia had joined the bloc, but this information was quickly refuted.
BRICS has been expanded twice. In 2011, South Africa joined, which is when BRICS effectively came into being (the "S" in BRICS stands for South Africa). In 2024, Ethiopia, Egypt, Iran, and the United Arab Emirates were admitted to the organization.
The acronym BRIC (with the "S" added later) was created by British economist Terence James O'Neill, who published an article in 2001 about the emerging economies of Brazil, Russia, India, and China. The name gained widespread use two years after its introduction. Studies at that time suggested that by the mid-21st century, the countries of this bloc would become global economic powers.
What does membership in BRICS offer?
Being a partner country provides the opportunity for regular participation in special summit sessions of the bloc and meetings of foreign affairs ministers. Partner countries may also receive invitations to participate in other high-level events related to trade, national security meetings, and parliamentary forums. This status can enhance the influence of BRICS in international affairs.
Since 2009, BRICS leaders have met annually. Regular meetings of the heads of various ministries in associated countries, such as those responsible for the economy and foreign affairs, are also organized.
