The five BRICS developing nations have rejected Nigeria’s application for membership, instead admitting Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates, a move aimed at increasing the bloc’s strength as it seeks to rebalance the world order dominated by the United States and Western countries.
The announcement on Thursday, August 24, may also clear the way for additional countries to apply for admittance.
BRICS is an acronym established by a Goldman Sachs economist that stands for Brazil, Russia, India, China, and South Africa.
BRICS has vowed to address member countries’ concerns about a world order that they believe favours the US over other emerging economies.
Economic sanctions placed by the West on Russia for its invasion of Ukraine, as well as China’s deteriorating relations with the US, are driving the bloc to transform BRICS into a strong economic and political alternative to the West.
“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,” said South African President Cyril Ramaphosa, who is hosting a summit of BRICS leaders.
The six applicant countries will formally join on January 1, 2024. Ramaphosa and Brazilian President Luiz Inacio Lula da Silva both left the door open for more countries to join in the future.
“We have consensus on the first phase of this expansion process and other phases will follow,” Ramaphosa said at a media briefing.
Lula stated that the promises of globalisation had failed and that it was necessary to revitalize collaboration with developing countries since “there is a risk of nuclear war.”
President Mohammed bin Zayed of the United Arab Emirates, whose country is already a shareholder in the bloc’s New Development Bank, expressed gratitude for his country’s inclusion in the enlargement.
“This membership expansion is historic,” said Chinese President Xi Jinping, whose country is the most powerful in the group of non-Western countries that account for a quarter of the global economy.
“The expansion is also a new starting point for BRICS cooperation. It will bring new vigour to the BRICS cooperation mechanism and further strengthen the force for world peace and development.”
Ethiopian Prime Minister Abiy Ahmed hailed “a great moment” for his country, Africa’s second-most populated.
“Ethiopia stands ready to cooperate with all for an inclusive and prosperous global order,” he said on X, formerly known as Twitter.
