South Africa ‘s Foreign Minister Naledi Pandor said Saudi Arabia and four other countries have accepted the invitation to join the BRICS club of nations that was extended during the BRICS Summit held in Johannesburg on August 24, 2023. She also said that the Russian Federation, who has taken over the chair of the block this year has received written interest of 34 nations who are willing to join the club.
Foreign Minister Statement
“Saudi Arabia, Iran, Egypt and Ethiopia are now full members of the organisation,” she said. At a press briefing in Pretoria on January 31, 2024, she said “Argentina has written to indicate that they will not act on this successful application by thr previous administration to become the full members of BRICS and we accept their decision.”
BRICS foreign ministers are developing a so-called BRICS partner country model to accommodate seventeen nations who were not accepted as full members, she said. The bloc is also devising a frame work to allow members to use their local currencies in inter BRICS trade. The Minister said that the bloc found the current predominantly dollar based international system to be unfair and costly.
The newly expanded BRICS has a combined population of 3.5 billion people and a combined economy worth over 28.5 billion USD or about 28percent of the global economy. The group’s growth could mark a shift in the geopolitical landscape although analysts remain uncertain as to whether th expansion will be a help or hindrance to the bloc members. However, BRICS countries are hoping that expansion will lead to a greater representation for emerging economies and a chance to move away from relying on the US dollar.
With this expansion, the BRICS is consolidating its status as the voice of the Global South and bringing more weight to bear on the international politics. There can be some hurdles with regard to the expansion of the bloc, such as Egypt and Ethiopia are fighting over water from the Nile and Saudi Arabia and Islamic Republic of Iran fight for supremacy in the Persian Gulf for decades.
Russia’s Presidency
The Russian Federation took over the charge of the bloc this year from South Africa, which held the previous presidency. Under the motto of “Strengthening Multilateralism for Equitable Global Development and Security”, Russia will hold the chair for one year and will also host the BRICS Summit (annual summit) in Kazan in the month of October 2024. Russian President Vladimir Putin has said that he had plans to increase BRICS role in the international financial system and will spare no effort to ensure that it will facilitate the harmonious integration of new participants in activities.
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