New countries to join the BRICS in 2024; see more details below

The BRICS, a bloc initially formed by Brazil, Russia, India, China, and South Africa, is set to gain five new members this year in a move spearheaded prominently by China and, to a lesser extent, Russia. The expansion was announced after the 15th bloc summit held in Johannesburg, South Africa, in August 2023.

The countries joining the bloc from this year onwards are Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. The invitation was formalized in the Johannesburg Declaration, a document agreed upon by the bloc members. These nations were chosen from among 20 candidates to become part of the economic bloc.

During the summit, an invitation was also extended to Argentina. Under the leadership of then-President Alberto Fernández, Argentina had expressed interest in joining the bloc of emerging nations, a push supported by Lula. However, the current president, Javier Milei, formalized in a letter addressed to the BRICS leaders that Argentina has no interest in membership.

The newly-elected Argentine president stated, “The incorporation of the Argentine Republic into the BRICS as a full member from January 1, 2024, is not considered opportune.”

With the inclusion of these new countries, the BRICS, in its revamped configuration, will now represent nearly half of the world’s population, 36% of the global Gross Domestic Product, and over 50% of the planet’s hydrocarbon reserves. In comparison, Western nations, represented by the G7 (United States, Germany, Japan, France, Italy, the United Kingdom, and Canada), comprise 9.8% of the population and a third of the global wealth.

There is still no decision on whether the name of the bloc, formed by the initials of the five founding members, will change with its expansion.

Countries Expected to Uphold Agreements

Expanding the bloc to include new members involved months of negotiations among the leaders of the founding BRICS nations.

It was agreed that the central banks, finance ministries, and economies of each member country of the economic bloc would be responsible for conducting studies to explore the adoption of a reference currency for the bloc in international trade.

The group also agreed to continue working towards global governance reform, focusing on the United Nations Security Council.

Source: Valor Econômico

Click here to read the original news article: https://valor.globo.com/mundo/noticia/2024/01/03/novos-membros-brics-2024.ghtml

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