One key outcome of the 15th Brics summit, hosted by South Africa, is the decision to invite six more countries to join the group with effect from January 2024. They are Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates. All six had applied for membership. The enlargement will grow the association’s membership to 11, and increase its envisaged role as a geopolitical alternative to global institutions dominated by the west.
The five current member countries – Brazil, Russia, India, China and South Africa – have argued that their size, in economic and population terms, was not represented in the world’s institutions, particularly the World Bank and the International Monetary Fund (IMF).
The Brics five represent about 42% of the world’s population and more than 23% of world GDP.
