The Gross Domestic Product of BRICS is now 36 percent of global GDP and 47 percent of the world population. This follows the announcement of the six nations to the BRICS bloc.
This the President of South Africa has to say “We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS. The membership will take effect from 1 January 2024.” announced Cyril Ramaphosa President of South Africa
According to India, the six new nations demonstrate the BRICS’ commitment to unity.
“India will continue to build consensus for those countries wishing to join BRICS. Expansion & modernization of BRICS is a message that global institutions must mold themselves to changing times,” said India Prime Minister Narendra Modi
In reaction to the bloc expansion, the BRICS Sherpa said they received formal applications from 22 countries.
“We had applications from 22 countries. All of these countries we have taken on board had applied formally. Expansion had to happen in a structured manner,” stated Ambassador Anil Sooklal BRICS Sherpa
The Johannesburg Declaration 2, which was issued at the BRICS Summit this year in South Africa, is anticipated to promote the growth of the BRICS countries and produce more equitable economic policies for all of the participants.
