News Brief
BRICS Gets Five New Full Members After Argentina Backed Off Recently, Putin Says Bolstering Multilateralism
Prime Minister Narendra Modi with the other BRICS leaders.
The BRICS coalition of leading emerging economies, which comprises India, Russia, and China, has revealed the addition of five new full members in an effort to bolster its strategic influence in the face of Western supremacy in global matters.
As Russia, under President Vladimir Putin, took over the BRICS presidency, it was announced on Monday (1 January) that the coalition has expanded to a 10-nation entity with the inclusion of Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
During the BRICS summit in Johannesburg in August, the leading figures approved a proposition to incorporate six nations, Argentina included, into the bloc, effective from the 1 January.
Just last week, Argentina's newly elected President Javier Milei declared that his country would not proceed with its plans to join the BRICS (Brazil-Russia-India-China-South Africa) alliance.
"Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates' inclusion as full members of BRICS strongly signifies the association's expanding influence and its role in global affairs," stated Putin in his address according to Economic Times.
The Russian President stated that BRICS is steadily gaining more supporters and countries that align with its fundamental principles. These principles include sovereign equality, openness, consensus, the desire to establish a multipolar international order, and a just worldwide financial and trading system.
The formation of the group, originally consisting of Brazil, Russia, India, and China (BRIC), occurred in September 2006. The group was later rebranded as BRICS when South Africa was incorporated as a full member in September 2010.
Putin stated that Russia's 2024 BRICS chairmanship, guided by the principle of 'bolstering multilateralism for fair global development and security,' will concentrate on fostering positive and constructive collaboration with all relevant nations.
He emphasised that, in preserving traditions and drawing upon the association's past experiences, no stone would be left unturned to ensure a seamless integration of new participants into all aspects of the association's activities, as reported by the Kremlin.
"Undoubtedly, the readiness of approximately 30 other nations to participate in the multifaceted BRICS agenda in various capacities will be taken into account," he stated. In light of this, the groundwork for establishing a new category for BRICS partner countries will commence, he added.
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