BRICS welcomes five new members: Iran, Saudi Arabia, Egypt, Ethiopia, UAE

MG News | January 02, 2024 at 01:01 PM GMT+05:00

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January 02, 2024 (MLN): The BRICS group has expanded its network as Iran, Saudi Arabia, Egypt, Ethiopia, and the United Arab Emirates have formally joined the group.

The membership came into effect on January 1, 2024, and marks the expansion of the bloc's influence in the Global South.

The BRICS group will now represent roughly 46% of the world population and will account for 30% of the world’s gross domestic product (GDP) in nominal terms and 37% of global GDP at purchasing power parity.

It is crucial to note that Argentina's new president Javier Milei has withdrawn the country from its entry into BRICS.

To recall, these five countries were formally invited to join the bloc at the Johannesburg Summit in August 2023 due to their significant economic potential and key strategic positions within their regions.

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