BRICS: From 5 To 9

BRICS are already a force to be reckoned with.

 

In 2024, they expanded their membership from 5 countries to nine. 

 

The four new members include Egypt, Ethiopia, Iran and the UAE. Note: Saudi Arabia has yet to officially join. I understand that work on the integration of Saudi Arabia with the BRICS countries is still continuing.

 

Another prospective member, Argentina, made an abrupt U-turn on its accession plans after the presidential election in the country was won by Javier Milei late last year.

 

Moscow assumes the one-year rotating presidency of the group, with President Vladimir Putin pledging to “facilitate the harmonious integration” of new partners. Some 30 other countries have already expressed their intent in participating in the group’s activities in one form or another, Putin noted.

 

According to the IMF figures, the expanded BRICS now surpass the G7, an informal group of leading Western countries, in terms of GDP at purchasing power parity, accounting for 36% of the world total.