Leaders of the BRICS group, consisting of Brazil, Russia, India, China, and South Africa, have announced the admission of six new countries as full members from January 1 next year.
The new members include Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates. This expansion marks a significant move to reshape the global order and enhance cooperation among large and populous emerging economies.
Chinese President Xi Jinping described the membership expansion as historic, emphasizing its potential to invigorate the BRICS cooperation mechanism and contribute to global peace and development.
India’s Prime Minister Narendra Modi expressed support for the expansion, highlighting that the addition of new members would strengthen the organization.
While the original BRICS members shared large economies and high potential growth rates, the expanded BRICS-11 is a more diverse group with varying economic circumstances.
Economists suggest that this expansion could lead to a broader agenda beyond economics, addressing a range of global issues.
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