Argentina, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Egypt will join the BRICS formation on 1 January 2024.
President Cyril Ramaphosa, the 2023 chairperson of BRICS, made the announcement on Thursday morning during a session that brings the summit to a close.
A key attraction of the group is the New Development Bank, created in 2015, with the aim of offering an alternative to the World Bank and the International Monetary Fund. Current BRICS members – Brazil, Russia, India, China and South Africa – make up a quarter of the global economy, account for a fifth of global trade, and are home to 40% of the world’s population.It is an equal partnership of countries that have differing views but a shared vision for a better world.
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