Johannesburg, 24 August 2023 (TDI): President of the Republic of South Africa, Cyril Ramaphosa extended invitations to new members at the BRICS XV Summit.
The announcement followed the adoption of the Johannesburg II Declaration which has adopted principles on BRICS expansion.
A total of six nations, including Saudi Arabia, Argentina, Ethiopia, Egypt, Iran, and the UAE, have been invited to join.
The invited countries’ membership will become effective starting January 1, 2024.
“BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous,” President Cyril Ramaphosa expressed his views on the expansion of BRICS.
“This membership expansion is historic,” expressed Chinese President Xi Jinping.
Ethiopian Prime Minister Abiy Ahmed celebrated what he described as “a significant moment” for his nation.
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President Mohammed bin Zayed of the United Arab Emirates, whose country is a current member of the New Development Bank (NDB) within the bloc, expressed his gratitude for his country’s inclusion as a new member.
“We look forward to a continued commitment of cooperation for the prosperity, dignity, and benefit of all nations and people around the world”.
He shared his thoughts on messaging platform X, previously recognized as Twitter.
BRICS
The abbreviation BRIC, originally without South Africa, was coined in 2001 by Jim O’Neill, the chief economist of Goldman Sachs at the time. His research paper emphasized the growth prospects of Brazil, Russia, India, and China.
Russia took the initiative for its formation.
Established in 2009 as an informal association, the group aimed to offer its members a platform to contest a global order primarily led by the United States and its Western partners.
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Unlike the United Nations, World Bank, or the Organization of the Petroleum Exporting Countries (OPEC), the group is not a formal multilateral organization.
Annually, the leaders of member nations gather, and each country assumes a one-year rotating leadership of the group.
