Six new countries will join BRICS

As reported by South African President Cyril Ramaphosa at the 15th BRICS summit, six countries have been officially invited to join the association.

It is reported that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE will become full members of BRICS starting January 1, 2024.

The economic union BRIC was established in 2006 by Brazil, Russia, India, and China. The first summit of the union took place in 2009 in Yekaterinburg. In 2010, South Africa joined the association, and it was renamed BRICS.

The countries in BRICS view this association as a counterbalance to traditional forums and institutions led by the United States. The union’s members are also considering the possibility of adopting a single currency within these countries to counter the influence of the US dollar.