Prof. Dr. Daniela Schwarzer, an executive board member at Bertelsmann Stiftung, states that the addition of some of the world’s largest oil producers to the BRICS economic bloc is a strategic success for Russia and China. Schwarzer emphasizes that this expansion aims to establish a serious counterweight to the declining G7.
- The BRICS nations have invited six countries to join the economic bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
- All six countries have accepted the invitation and will become members starting from Jan. 1, 2024.
- Belarusian President Alexander Lukashenko sees the expansion as a strong step towards a multipolar world and a challenge to Western hegemony.
- The BRICS leaders highlight the importance of using local currencies in international trade and financial transactions to reduce reliance on the U.S. dollar.
This move indicates a shift in the global economic landscape and further strengthens the influence of Russia and China. It also challenges the dominance of traditional Western powers and promotes greater cooperation among the BRICS nations and their new members, fostering a more multipolar world.
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