UPDATED: Egypt, Saudi, Iran, Argentina, Ethiopia, UAE are new BRICS members

Mohamed Samir
2 Min Read

Johannesburg – Egypt, Saudi Arabia, Iran, UAE, Ethiopia and Argentina to become permanent members in BRICS, will be full members of BRICS with effect from 1 January 2024. Earlier sources close to the matter told Daily News Egypt.

The 15th BRICS Summit is being held in South Africa’s Johannesburg from 22-24 August.

BRICS has become increasingly influential in recent years, as its members have emerged as major players in the global economy. The bloc’s combined GDP is now larger than that of the G7 according to the IMF estimates, and its population makes up nearly half of the world’s total.

This growing influence has led to increased interest in bloc’s membership. So far, 22 countries have formally applied to join the group.

At the second day of the summit, Indian Prime Minister Narendra Modi said that India would welcome moving forward with consensus on the expansion. Russia and China are championing the expansion, with South Africa also in support.

In March, Egypt took an equity position within the The New Development Bank (NDB) of the BRICS group. Previous equity was divided equally among the initial members: Brazil, Russia, India, China, and South Africa.

The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth summit in Fortaleza in July 2014.

As per data released earlier this year from Acorn Macro Consulting, a British economic research firm, the BRICS group makes up 41% of the global population and accounts for 16% of world trade. The five countries now contribute about a quarter of the global GDP.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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