New title: Additional countries to join BRICS economic bloc

author: FutureCar Staff    

Iran and Saudi Arabia, along with four other countries, are set to join the BRICS economic bloc from next year, according to an announcement made by the bloc on Thursday. This move is expected to draw more attention to Beijing's political influence in the Persian Gulf. The United Arab Emirates, Argentina, Egypt, and Ethiopia are also slated to become new members of BRICS from 2024.

Established in 2009, BRICS was initially formed as a group of emerging market economies and has since become a prominent advocate for increased representation of the developing world and the Global South in global affairs. Currently, it represents around 40% of the world's population and over a quarter of the world's GDP. With the addition of the new members, including major oil producers Saudi Arabia, the UAE, and Iran, these figures are expected to rise.

Recent concerns have arisen regarding BRICS potentially taking an anti-Western stance under the influence of China and Russia. This comes as Beijing's relationship with the United States deteriorates and Russia faces tensions with the West over the conflict in Ukraine.

Mohammad Jamshidi, the political deputy of Iran's President Ebrahim Raisi, hailed the decision to include Iran as a "historic move" and a "strategic victory for Iran's foreign policy." South African President Cyril Ramaphosa, the current chair of BRICS, announced the inclusion of the six new members on the final day of the bloc's summit in Johannesburg. The Brazilian, Indian, and Chinese leaders were also present for the announcement.

Russian President Vladimir Putin did not attend the summit in person due to an arrest warrant issued by the International Criminal Court in March. However, he participated virtually, and Russia was represented at the announcement by Foreign Minister Sergey Lavrov.

The decision to include Saudi Arabia had been widely anticipated, while Iran's inclusion was seen as potentially politically sensitive. China and Russia had been pushing for expansion, but Brazil, India, and South Africa, which have strong ties with the U.S., only recently gave their approval.

The final details of expansion were agreed upon after two days of talks in Johannesburg. This is the second time that BRICS has decided to expand since its formation in 2009. South Africa was added as a member in 2010.

The inclusion of Iran, Saudi Arabia, and the UAE in the same economic and political organization would have been unthinkable until recently, given the tensions that arose following the collapse of Iran's 2015 nuclear deal and a series of attacks attributed to the country. However, diplomatic engagement has increased between the UAE and Iran, and Saudi Arabia and Iran have reached a separate détente with Chinese mediation.

Egypt's President Abdel Fattah el-Sissi expressed his country's commitment to cooperate and coordinate with the other members of BRICS to achieve the bloc's aims in economic cooperation and to amplify the voice of the Global South. This news is also significant for Ethiopia, which has been working to rebuild its global partnerships and financial support following a devastating conflict in the Tigray region.

The inclusion of these new members is expected to have far-reaching implications for the BRICS economic bloc and its role in shaping global affairs.

FutureCar Staff