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The BRICS group of nations which consists of five countries, Brazil, Russia, India, China and South Africa on Thursday announced that the group will be expanded and six other countries will be added to the group. The countries that will be added to the group will be Argentina, Egypt, Ethiopia, Iran, UAE and Saudi Arabia. The announcement was made during the current 15th BRICS summit which is being held in South Africa’s Johannesburg.
The new membership of the BRICS nations will be effective from January 1, 2024. The new countries that has been added to the group consists of Argentina, Egypt, Ethiopia, Iran, UAE and Saudi Arabia. These six countries are among the world’s top nine oil producing nations in the world. South African President Cyril Ramaphosa who is the chair of the Summit and of BRICS made the announcement of the expansion of the group. The six countries that have been added is the first phase of expansion of the BRICS group.
The BRICS organisation has always supported the idea that the world is being unfairly dominated by the West. The BRICS group has announced the expansion and added the six of the world’s largest oil producing nations to challenge the domination of the Western countries like United States and Europe. The group also bats for a common currency like the Euro that is being used for trade between the European countries. The BRICS group countries will have an upper hand in oil trade globally after its expansion and inclusion of six of the world’s largest oil producing countries. The group’s expansion will also challenge the petrodollar rule of the United States and will also weaken the dominance of US Dollar globally.
Prime Minister Narendra Modi hailed the decision of expansion of the BRICS group and also congratulated the leaders and people of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE after the announcement of them being added to the group. Prime Minister Narendra Modi also said that India has always supported the expansion of the BRICS organisation. This has been the first expansion of the group since the induction of South Africa in the BRICS organisation.
