BRICS group gains a $2.5 trillion worth of power after participation of 6 additional countries
The BRICS group, which aims to position itself as a power center against Western alliances, has entered a process of expansion for the first time since 2010, by including 6 countries, including the oil-rich Saudi Arabia, Iran, the United Arab Emirates (UAE), and Egypt, which are the largest economies in the Middle East region. This move is intended to enhance its international influence vis-à-vis the West.
$2.5 TRILLION POWER TO BRICS
During the 15th Leaders Summit held in Johannesburg, South Africa, which concluded on August 24th, the BRICS countries—Brazil, Russia, India, China, and South Africa—accelerated their efforts to reshape the world order and increase their global influence. They achieved this by accepting membership requests from Saudi Arabia, Iran, UAE, Egypt, Ethiopia, and Argentina.
Cyril Ramaphosa, the leader of South Africa hosting the BRICS Leaders Summit, announced that the new countries would become members of the bloc as of January 1st, 2024. With this decision, the number of BRICS members will rise from 5 to 11 in the new year.
The inclusion of countries like Saudi Arabia, Iran, UAE, and Egypt, which possess the largest economies in the Middle East region and the world’s largest oil and natural gas reserves, is anticipated to bolster BRICS’ political and economic influence on the global stage, particularly during a time when the importance of energy is increasing worldwide.
