5 min readNew DelhiAug 25, 2023 01:38 AM IST
First published on: Aug 24, 2023 at 01:30 PM IST
Leaders of the BRICS — Brazil, Russia, India, China and South Africa — decided Thursday to expand the grouping and admit six new members. Saudi Arabia, Iran, UAE, Egypt, Ethiopia and Argentina will become part of BRICS with effect from January 1, 2024.
At a joint media briefing in Johannesburg, South African President and Summit host Cyril Ramaphosa, along with Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva, said, “We have consensus on the first phase of this BRICS expansion process… We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become full members of BRICS.”
“We value the interests of other countries in building partnership with BRICS and have tasked our Foreign Ministers to further develop the BRICS partnership model and list of prospective countries (which want to join the grouping),” Ramaphosa said.
He said the decision on the new members was agreed upon after firming up the guiding principles, criteria and procedure for the expansion process. There are about 23 countries which have formally applied so far for membership of the grouping.
Prime Minister Modi, in a tweet, said, “On the occasion of the 15th anniversary of BRICS, we have taken the decision to expand this forum. India has always fully supported this expansion. Such an expansion will make BRICS stronger and more effective. In that spirit, India welcomes Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE into the BRICS family.”
He said the “expansion and modernisation” of BRICS is a message that all institutions in the world need to mould themselves according to changing times.
“India has always fully supported the expansion of the BRICS membership. India has been of the view that the addition of new members will further strengthen BRICS as an organisation, and give a new impetus to all our common endeavours,” he said.
Modi said the decision to expand the bloc will further strengthen the faith of many countries in the multipolar world order.
The BRICS, in its declaration, said, “We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS from 1 January 2024.”
The grouping was formed in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010.
At present, the BRICS represents 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
Chinese President Xi described the expansion of BRICS as a “new starting point” for cooperation in the grouping. “It will bring new vigour to the BRICS cooperation mechanism, further strengthening a force for world peace and development,” he said.
Speaking via virtual mode, Russian President Vladimir Putin hailed the expansion.
Ramaphosa said, “Through this Summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous.”
He said the BRICS is ready to explore opportunities for improving the “stability, reliability and fairness of the global financial architecture”.
He said the Summit agreed to task the BRICS Finance Ministers and Central Bank Governors to consider the issues of local currencies, payment instruments and platforms, and report back to the leaders by the next Summit.
“We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation,” Ramaphosa said.
“We addressed our expectations for the BRICS economic partnership to generate tangible benefits for our communities and deliver viable solutions for common challenges faced by the Global South,” he said.
Brazil's President Luiz Inacio Lula da Silva, China's President Xi Jinping, South Africa's President Cyril Ramaphosa, India's Prime Minister Narendra Modi and Russia's Foreign Minister Sergei Lavrov pose during BRICS summit in Johannesburg, South Africa. (Reuters) 
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