BRICS to Grow as Saudi, Iran, UAE, Egypt, Ethiopia Join Ran

BRICS to Grow as Saudi, Iran, UAE, Egypt, Ethiopia Join Ranks

BRICS to Grow as Saudi, Iran, UAE, Egypt, Ethiopia Join Ran

BRICS to Grow as Saudi, Iran, UAE, Egypt, Ethiopia Join Ranks

The BRICS group of emerging-market nations is poised to undergo a significant expansion, doubling its membership as Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt are set to join on January 1, according to South Africa’s envoy to the bloc.

The existing members—Brazil, Russia, India, China, and South Africa—extended invitations in August to six other nations, creating a fusion of major energy producers and substantial consumers among developing countries. Argentina was the sole nation to decline the invitation, with President Javier Milei, who assumed office this month, reversing the previous administration’s membership bid.

BRICS Welcomes New Members

Representatives from the five new invitees actively participated in a recent BRICS sherpa meeting in Durban, South Africa, indicating their acceptance of the invitation, as stated by Anil Sooklal, Pretoria’s ambassador to the bloc, in an interview on Friday. Coined in 2001 by economist Jim O’Neill of Goldman Sachs Group Inc., the term “BRIC” originally highlighted robust economic growth in Brazil, Russia, India, and China, serving as a positive scenario for investors amid market uncertainty following the September 11 terrorist attacks in the US that year. South Africa joined the group in 2010, expanding its scope both geographically and alphabetically.

Russian Foreign Affairs Minister Sergey Lavrov reported this week that approximately 30 countries are expressing interest in establishing ties with the BRICS bloc. Nigeria, the most populous nation in Africa, aims to pursue BRICS membership within the next two years, according to Minister of Foreign Affairs Yusuf Tuggar’s announcement in November.

Despite India’s relative outperformance, the BRICS nations, excluding India, have lagged behind their emerging-market counterparts over the past five years, as per Bloomberg Intelligence. US-led sanctions have restricted foreign investment in Russia, while certain sectors in China, particularly technology companies, face sanctions or potential investment bans.

Jason Stone

Jason Stone

Jason Stone is a serial entrepreneur with multiple 7 figure business ventures across various verticals of web and marketing. He is widely known by over 7 million people around the world as @Millionaire_Mentor on Instagram. Jason utilizes his experience and passion as a motivator, mentor, teacher, and social media influencer to help others create success. Jason Stone is an accomplished Senior Executive, Consultant, and Thought Leader with more than 20 years of success across the engineering, e-commerce, social media, internet, marketing, advertising, technology, automotive, blockchain, franchising, and health and wellness industries. He is an early-stage startup tech investor/advisor to over a dozen companies. Leveraging extensive experience creating go-to-market strategies and viral marketing, he is a valuable advisor for an organization experiencing growth or launching new products. His broad areas of expertise include business development, mechanical engineering, global strategy, email marketing, digital marketing, automation, blockchain, organizational leadership, and growth hacking. t
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