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BRICS Economic Coalition Extends Membership Invitations To Six Nations Including Saudi Arabia And Iran

The BRICS economic coalition extends membership invitations to six nations. This move comes as the BRICS alliance seeks to strengthen its global influence and cooperation among emerging markets.

Author:Darren Mcpherson
Reviewer:Dexter Cooke
Aug 24, 2023
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269.3K Views
The BRICS economic coalition extends membership invitations to six nations. This move comes as the BRICS alliance seeks to strengthen its global influence and cooperation among emerging markets.
The expansion will include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, with their membership set to take effect from January 1, 2024.
The announcement was made during the 15th BRICS summit hosted by South Africa.

BRICS expansion: Egypt, Iran, Saudi Arabia & UAE invited

A Diverse And Growing Coalition

South African President and current BRICS Chair, Cyril Ramaphosa, emphasized the diversity of the BRICS group, highlighting that the new members share differing views yet possess a common vision for a better world. The alliance aims to uphold its guiding principles and standards as it expands its reach.
The potential new members expressed enthusiasm about joining the BRICS coalition.
The UAE President, Mohammed bin Zayed, welcomed the inclusion, stressing a commitment to cooperation for the prosperity of nations. Iran regarded its BRICS membership as a strategic victory for its foreign policy.

Economic Implications And Trade Opportunities

The addition of these new members not only expands the visibility of the BRICS bloc but also presents opportunities for increased trade among coalition participants using local currencies.
The enlargement may foster more trade within the Global South and potentially lead to discussions about a bloc currency.
BRICS nations, including the new invitees, face various challenges and conflicts. Iran grapples with U.S. sanctions, Ethiopia navigates internal clashes, Egypt addresses economic pressures, and Argentina manages a devalued currency.
The inclusion of Saudi Arabia and the UAE sparks discussions about their position in an economic bloc with nations such as China and Russia.
As the BRICS alliance expands, the dynamics of the global stage could change, potentially leading to shifts in trade patterns and geopolitical relations.
The alliance's diverse composition opens doors to new partnerships and cooperation mechanisms among emerging economies.

Toward A New Era Of BRICS Cooperation

The inclusion of these new members marks a significant step in the evolution of the BRICS coalition.
The alliance seeks to amplify its influence, enhance economic cooperation, and provide a platform for developing countries to collectively address global challenges and opportunities.
Russian President Vladimir Putin released a video statement congratulating the new BRICS members and predicting the group's further rise to global prominence.
I would like to congratulate the new members who will work in a full-scale format next year.- Russian President Vladimir Putin
And I would like to assure all our colleagues that we will continue the work that we started today on expanding the influence of BRICS in the world.- Russian President Vladimir Putin
It will bring new vigor to the BRICS cooperation mechanism, further strengthening a force for world peace and development.- China’s president, Xi Jinping

Is It Anti-Western Bloc?

If it accepts an offer, Saudi Arabia would become a member of the BRICS economic bloc, joining China, the world's top oil importer, as well as Russia and Brazil.
As a result, a new economic bloc will be formed that includes OPEC+ members Russia and Saudi Arabia. The growth prompts the thought of a single currency or the prospect of de-dollarization.
Despite political and economic disputes, the BRICS group has managed to stay together. As nations like Iran are openly hostile towards the West, the growth might lead to an anti-Western alliance.
The United Arab Emirates and Egypt are eager to join to boost economic cooperation and amplify the voice of the Global South, but the organization has struggled to reach an agreement among its members.

Final Words

In a bold move, the BRICS economic coalition is extending its membership to six new nations, signaling a potential shift in global economic dynamics.
The expansion not only reflects the alliance's commitment to cooperation among emerging markets but also opens doors for increased trade, collaboration, and geopolitical influence.
As the BRICS alliance ushers in this new era of cooperation, the world will be closely watching how this diverse and expanding coalition shapes international relations and economic dynamics in the years to come.
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Darren Mcpherson

Darren Mcpherson

Author
Darren Mcpherson brings over 9 years of experience in politics, business, investing, and banking to his writing. He holds degrees in Economics from Harvard University and Political Science from Stanford University, with certifications in Financial Management. Renowned for his insightful analyses and strategic awareness, Darren has contributed to reputable publications and served in advisory roles for influential entities. Outside the boardroom, Darren enjoys playing chess, collecting rare books, attending technology conferences, and mentoring young professionals. His dedication to excellence and understanding of global finance and governance make him a trusted and authoritative voice in his field.
Dexter Cooke

Dexter Cooke

Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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