With the conclusion of its most recent summit, the BRICS (Brazil, Russia, India, China and South Africa) bloc has formally invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to join the growing alliance which represents 40% of the world’s population and one-fourth of the global gross domestic product. The new members will formally join on January 1, 2024. South African President Cyril Ramaphosa, who hosted the meeting, said, “BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous.” More than 40 countries have expressed interest in joining the bloc, with Beijing and Moscow reportedly seeking to build up BRICS as a counterweight to the G7 and G20. But the same reports suggest that Brazil and India are hesitant to be become direct competitors with the West while building up Russia and China.
