The combined Gross Domestic Product (GDP) of the BRICS nations is poised for a remarkable 36% surge, cementing its position at 36% of the global GDP and encompassing 47% of the world’s population. This milestone comes in the wake of a significant announcement by the existing BRICS member nations, signaling their intent to expand the bloc’s composition.
Cyril Ramaphosa, the President of South Africa, declared, “We have extended invitations to 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 join as full members of BRICS. The new membership will be effective from January 1, 2024.”
India echoed the sentiment of unity and cohesion within BRICS, emphasizing that the inclusion of these six countries underscores the bloc’s unwavering commitment to solidarity. India’s Prime Minister Narendra Modi highlighted, “India will continue to foster consensus for other nations desiring to become part of BRICS. The expansion and modernization of BRICS send a strong message to global institutions to adapt to changing times.”
In response to the expansion of the bloc, the BRICS Sherpa noted that they had received applications from 22 countries. Ambassador Anil Sooklal, the BRICS Sherpa, stated, “We received formal applications from 22 countries. The inclusion of all these countries was a well-structured process.”
The Johannesburg Declaration 2, which was endorsed at this year’s BRICS Summit held in South Africa, is anticipated to catalyze the development of member nations and establish more inclusive economic policies for all participants. This expansion heralds a new era for BRICS, underlining its determination to evolve and adapt to the changing global landscape.