Saudia Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia joined the ranks of the BRICS group on
Monday, January 1.
The five countries were to join the group in August 2023 at the 15th BRICS summit in Johannesburg,
South Africa. Argentina was also invited but backed out at the end of December.
The BRICS group of emerging countries was formed in 2006 by Brazil, Russia, India and China, with South
Africa joining in 2010.
It has since become an important platform for cooperation among emerging markets and developing
countries. The doubling of its members on Monday is aimed at increasing the group’s clout on the global
stage.
BRICS countries are hoping that the expansion will lead to greater representation economies and a chance to move away from reliance on the US dollar.