Argentina, Saudi Arabia, United Arab Emirates, Egypt, Iran and Ethiopia will join BRICS as of 2024. The announcement was made today, August 24, by the President of South Africa, Cyril Ramaphosa, at the 15th BRICS Summit.
The Brics is a group formed by five countries considered the main emerging economies in the world: Brazil, Russia, India, China and South Africa.
The 15th Summit of the Brics started last Tuesday (22) and ended today in Johannesburg, South Africa. The presidents of the five countries that make up the group participated in the event.
The adhesion of the six new members of the Brics was made official in the Declaration of Johannesburg, a document agreed between the current members of the Brics.
The President of the Republic, Luis Inácio Lula da Silva, welcomed the six countries through a social network.
“The relevance of the Brics is confirmed by the growing interest shown by other countries in joining the group. As President Ramaphosa indicated, it is with satisfaction that Brazil welcomes the Brics to Saudi Arabia, Argentina, Egypt, the United Arab Emirates, Ethiopia and Iran”
President Lula
Lula also commented that many claimed that the Brics would be too different to forge a common vision. "Experience, however, demonstrates the opposite. Our diversity strengthens the struggle for a new order that accommodates the economic, geographic and political plurality of the 21st century”.
The President made a special reference to Argentine President Alberto Fernández, “a great friend of Brazil and the developing world”. “We will continue advancing side by side with our Argentine brothers in yet another international forum,” he said.
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What is BRICS?
Brics is the name given to a group of emerging countries whose objective is economic cooperation and joint development. This group is made up of five countries: Brazil, Russia, India, China and South Africa. The Brics is not an economic bloc per se, but rather an international mechanism for the main emerging economies in the world today.
Comprised of emerging nations that have shown the highest growth rate in recent years, the Brics is important for the world economy and for the greater insertion of developing economies in the scenario International. Through the New Development Bank (NDB), the Brics finance projects that aim to implement improvements in emerging and less developed countries, such as infrastructure projects, expanding the scope of this group.
What to study about the BRICS?
Brics is a group of countries formed by five large emerging economies: Brazil, Russia, India, China and South Africa.
It is not an economic bloc. Brics works as an international cooperation mechanism.
It is important for the greater insertion of emerging economies in the world-economy and in the international geopolitical context.
The objective of the Brics is the promotion of measures of economic growth and sustainable socioeconomic development among emerging countries.
They hold annual meetings (the BRICS Summit) with the aim of aligning their policies on social development and reaffirm the existing cooperation between these countries in different areas of interest.
In 2014, the Bric countries approved the creation of the New Development Bank (NDB), better known as the “Brics bank”, which finances infrastructure and development projects in emerging countries.
The term Bric was coined by economist Jim O'Neill in 2001. With the entry of South Africa in 2011, the group was renamed Brics.
Read too: India's role in the BRICS group
*With information from Agência Brasil
Image credit: Shutterstock
By Silvia Tancredi
Journalist
