It is official: BRICS Group has six new countries
The BRICS group decided today to officially invite Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and the United Arab Emirates to join the bloc.
During the opening remarks at the 15th BRICS summit's third session, South African President Cyril Ramaphosa stated that the integration into the bloc will be effective from January 1, 2024.
He emphasized that consensus had been reached on the first phase of the expansion process and that subsequent phases would follow.
Furthermore, Ramaphosa noted that all current members had agreed to approve the final declaration of the event - the Johannesburg II Declaration.
The group officially instructed finance ministers and central bank governors to consider the issue of local currencies, payment instruments, and platforms and to submit a report on these matters to the BRICS leaders by next summer.
Russian President Vladimir Putin stated that achieving an agreement on a united BRICS currency was a "challenging task," but he insisted that the bloc would work towards resolving this issue.
In his speech at the previous day's BRICS summit, the Russian President mentioned that Moscow advocated for expanding the use of local currencies instead of the dollar.
Regarding the fate of the BRICS brand, including whether there will be a name change, read HERE.
"This expansion of membership is historical and demonstrates the bloc's determination for unity and cooperation," said Chinese President Xi Jinping during the final session of the summit, emphasizing that the decision was made "unanimously."
UAE and Ethiopia Speak Out
The United Arab Emirates and Ethiopia welcomed the decision of the BRICS leaders regarding expansion and the invitation to join the economic alliance for...