O Brics announces expansion and invites six nations to join the bloc in 2024
As of January 1, 2024, six new countries will join the BRICS membership group. The announcement was made during the closing of the summit meeting held in South Africa.
Heads of State of countries belonging to the bloc - Photo Reproduction/ Internet
The BRICS, a economic bloc that brings together some of the largest emerging economies in the world, revealed this Thursday (24th) the intention to expand the bloc's member countries. The announcement that six nations were invited to join the group in 2024 was made by the South African president, Cyril Ramaphosa, at a press conference in the city of Johannesburg, host of the 15th summit meeting of the bloc.
The main objective is to consolidate its global influence and promote economic collaboration among its members and now among the technically new permanent members Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates. However, before being accepted into the group, these nations must meet certain conditions to join the bloc.
“We decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become permanent members of the BRICS. The new composition will come into effect from January 1, 2024,” said Ramaphosa and added, “We value the interest of other countries in building a partnership with the Brics.”
The only missing leader among BRICS members was Russian President Vladimir Putin, who was represented at the summit by Foreign Minister Serguei Lavrov. The Kremlin leader currently has an arrest warrant issued by the International Criminal Court (TPI) due to accusations of war crimes in Ukraine, as stipulated in the Rome Statute, an international treaty that created the court. As South Africa is a signatory to the ICC, also known as the Hague Tribunal,the country would have the legal capacity to arrest Vladimir Putin, should he decide to visit the African nation.
A look at the BRICS
BRICS, acronym formed by the initials of the five member countries, with the best economic growth rates on a world scale and has been a major player on the global stage since its inception in 2009. BRICS members represent more than 40% of the world's population and approximately 25% of the global Gross Domestic Product. The block has played a Significant role in economic issues, political and social, offering a collective voice on issues such as international trade, climate change and global governance.
The expansion of the BRICS
The main debate of the meetings in Johannesburg was the expansion of the bloc, with the official accession of new members being established in the Johannesburg Declaration, a document that was agreed between the current members of the BRICS. The summit meeting ends this Thursday. The minister of Foreign Affairs of South Africa, Naledi Pandorm, had already announced on Wednesday (23) that the leaders of the countries reached a consensus on the adoption of guidelines for the expansion of the Brics. On the same day, the group's five heads of state expressed their support for the idea of expanding its membership.
The Brazilian president, Lula, had already publicly expressed his support for the inclusion of “various countries”, sharing with members of the Brazilian government, to include Argentina in the bloc.
"The Brics will remain open to new candidates", stated Lula in a statement to the press alongside Ramaphosa and the other leaders. The current countries of the bloc announced the definition of criteria for the future entry of new nations.
Guest countries
The list of new members of the BRICS spans nations from three different continents: Asia, Africa and South America, each with different systems and regimes of government, ranging from Argentine presidentialism to the absolutist monarchy present in Saudi Arabia and the United Arab Emirates.
From an economic point of view, the Brics must receive the adhesion of the largest exporter of crude oil in the world, Saudi Arabia, and the country that holds the largest natural gas reserve on the planet, Iran. At the same time, Argentina, which faces challenges such as rising external debt and runaway inflation, is also expected to join the group.
Other agreements
It was also established that the central banks, as well as the Ministries of Finance and Economy of each nation, would assume responsibility for carrying out studies on the possible adoption of a reference currency to facilitate international transactions within the bloc. The Brazilian highlighted that this measure could expand payment alternatives and, at the same time, reduce economic vulnerabilities.
Another commitment signed by the group is the obligation to seek a reform in global governance, with a special focus on the reformulation of the United Nations Security Council.
