BRICS to Become 11-Nation Bloc
The BRICS nations have concluded their annual summit in Johannesburg and announced their plans to expand the bloc by inviting six new members. Russia will assume the chairship in 2024 and host the next summit in Kazan. The BRICS declaration also states that the foreign ministers have been tasked with developing the BRICS partner country model and a list of prospective partner countries. South African President Cyril Ramaphosa emphasized the shared vision of a better world among the diverse group of nations. China’s President Xi Jinping expressed the goal of forging a stronger strategic partnership and deepening cooperation with other emerging markets and developing countries. Russian President Vladimir Putin highlighted the increasing process of de-dollarization.
Key Points:
- The BRICS nations have concluded their annual summit in Johannesburg.
- They have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as new members.
- Russia will assume the chairship in 2024 and host the next summit in Kazan.
- The foreign ministers have been tasked with developing the BRICS partner country model and a list of prospective partner countries.
- The leaders emphasized the shared vision of a better world and the goal of deepening cooperation with other emerging markets and developing countries.
Hot Take:
The expansion of the BRICS bloc to include six new members demonstrates its growing influence in the global economic landscape. With a diverse group of nations coming together, the BRICS partnership aims to promote a more just and equitable international order. The increasing process of de-dollarization also highlights the bloc’s efforts to reduce dependence on a single currency and strengthen their own economic systems. This expansion opens up new opportunities for cooperation and collaboration among the member countries and sets the stage for further growth and development in the future.
By
By
By
By