Important Takeaways:
- Iran and Saudi Arabia are among 6 nations set to join China and Russia in the BRICS economic bloc
- Iran and Saudi Arabia were among six countries invited Thursday to join the BRICS bloc of developing economies in a move that showed signs of strengthening a China-Russia coalition as tensions with the West spiral higher.
- The United Arab Emirates, Argentina, Egypt and Ethiopia were also set to enter BRICS from Jan. 1, 2024, joining current members Brazil, Russia, India, China and South Africa to make an 11-nation bloc.
- However, in a twist, Saudi Arabia’s membership appeared uncertain after Prince Faisal told the Saudi-owned broadcaster Al Arabiya later Thursday that the kingdom appreciated the invitation but would first study the details before the proposed Jan. 1 joining date and take “the appropriate decision.”
- BRICS currently represents around 40% of the world’s population and more than a quarter of the world’s GDP, with that set to increase. The potential new members include three of the world’s biggest oil producers: Saudi Arabia, the UAE and Iran.
- “This membership expansion is historic,” Chinese leader Xi said. “It shows the determination of BRICS countries for unity and development.”
- BRICS has a stated aim to amplify the voice of the Global South. All five current members and dozens of other developing countries represented at the summit repeatedly called this week for a fairer world order and the reform of international institutions like the United Nations, the IMF and the World Bank.
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