Five new nations join BRICS

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing Rights
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FIVE new countries have been admitted into BRICS, which is an economic bloc initially made up of Brazil, Russia, India, China and South Africa.

BRICS has finally approved applications by the United Arab Emirates (UAE), Saudi Arabia, Ethiopia and Egypt to join the economic grouping.

The decision, which comes after the 15th BRICS Summit held in August 2023 in South Africa, is largely regarded as a strong indication of the growing authority of the association in international affairs.

During the 2023 Summit, proposals were made for the development and adoption of a BRICS currency, a move that would weaken the global dominance of the United States dollar.

Meanwhile, Russia has assumed the chairmanship of the bloc for the whole of 2024.

In his address this Monday, Russia’s President Vladimir Putin said during his country’s tenure in leading BRICS, Russia will focus on positive and constructive cooperation with all countries concerned.

He said while preserving traditions and being guided by the experience gained by the association in years past, the organisation will facilitate the harmonious integration of new participants in all formats of its activities.