Delegates from the BRICS intergovernmental organisation within the Qatari capital of Doha on Dec 10 2023 [Getty]
4 of the six nations invited to affix the BRICS bloc of countries from 1 January have confirmed they’re becoming a member of, South African overseas minister Naledi Pandor mentioned on Wednesday.
Egypt, Ethiopia, Iran, and the UAE have formally joined the bloc of rising economies, after being invited final 12 months. That is the primary time the physique has expanded its membership in over a decade.
The 4 nations have been invited together with Argentina and Saudi Arabia to affix the bloc comprising Brazil, Russia, China, India and South Africa at a summit in August in Johannesburg.
“With respect to the BRICS confirmations, 5 out of the six have confirmed. That’s Saudi Arabia, UAE, Ethiopia, Iran… and Egypt,” Pandor instructed a information convention on Wednesday.
“Argentina has written to point that they won’t act on this profitable software by the earlier administration to grow to be full members of BRICS, and we settle for their choice.”
A Saudi official supply mentioned Riyadh was nonetheless contemplating the invitation to affix the bloc.
“Saudi Arabia has not but responded to the invitation to affix BRICS. It’s nonetheless into consideration,” the Saudi supply mentioned in a press release to information company Reuters.
BRICS members say the transfer would assist reshuffle a world order they view as outdated and has been seen as some as a problem to US-EU “hegemony”.
Argentina has since declined the invitation to affix, following the election of ultra-right-wing Javier Milei into energy.
With out naming the nations, Pandor added that thirty-four nations had additionally expressed their curiosity in becoming a member of the BRICS.
Iran has formally taken half for the primary time in a BRICS assembly, held in Russia.
Iran, Saudi Arabia, the UAE, Egypt, and Ethiopia have all accepted the invites to grow to be BRICS members.https://t.co/hzcU9GiorX
— Ben Norton (@BenjaminNorton) February 1, 2024
The potential addition of oil-producing Gulf nations to the bloc comes as sanctions-hit Iran boosts ties with Russia and China.
Egypt’s membership within the financial bloc was additionally formally activated in January.
“By becoming a member of the BRICS, Egypt is believed to have been attempting to alleviate the dominance of the US greenback within the North African nation’s financial system amid an unforgiving financial disaster triggered by inside and exterior elements such because the foreign money devaluation and the Israeli warfare on the neighbouring Palestinian Gaza Strip,” monetary analyst Ahmed Hamouda mentioned in a earlier interview with The New Arab.
The enlargement of the BRICS may strengthen the bloc’s declared ambition to grow to be a champion of the International South, with larger monetary and diplomatic coordination.
This consists of plans to construct a cost system with out the usage of the US greenback and reforming the United Nations Safety Council.
The overseas minister mentioned the newest developments serve to “redress what we regard as a somewhat unfair and dear cost system”.
Reuters has additionally contributed to this text.
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