BRICS invites Saudi Arabia and others to join for global influence. They want to challenge the Group of Seven’s power, and China and Russia back this move.
BRICS countries, including Brazil, Russia, India, China, and South Africa, want to invite Saudi Arabia and a few other nations to join them. They’re meeting in Johannesburg this week to talk about it.
This would make their group bigger for the first time since 2010, and they hope it will have a bigger influence around the world.
BRICS Expansion Plans and Concerns
BRICS members think having more countries could challenge the Group of Seven’s power. China, Russia, and South Africa support this idea, but India is worried China might lead everything, and Brazil is concerned about its relationships with Western countries.
Saudi Arabia and Egypt haven’t said if they want to join yet, but they took part in the meeting. More than 20 other countries from the Global South want to join too. If Saudi Arabia and Indonesia join, the BRICS group could represent 44% of the world economy by 2040. This would be more than the 21% of the economy that the Group of Seven (G7) is expected to have.
During the summit led by South African President Cyril Ramaphosa, they decided that the new members will officially join on January 1, 2024. Other countries invited are Egypt, Ethiopia, the United Arab Emirates, and Iran. Brazilian President Luiz InĆ”cio Lula da Silva said that if they all join, the BRICS group’s part of the world economy would go up from 32% to 37% when you look at purchasing power.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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