The new expectation for the Gross Domestic Product of BRICS is 36 percent of global GDP and 47 percent of the world population. This is coming after there was an announcement of the six nations to the BRICS bloc.
The president of South Africa, Cyril Ramaphosa made the announcement saying: “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. The membership will take effect from 1 January 2024.”
Adding the six countries shows the determination of BRICS for unity, said India. India Prime Minister Narendra Modi said their country will continue to build consensus for those countries wishing to join BRICS. Expansion & modernisation of BRICS is a message that global institutions must mould themselves to changing times.
Reacting to the bloc expansion, the BRICS Sherpa said they received applications from 22 countries. Ambassador Anil Sooklal BRICS Sherpa noted: “We had applications from 22 countries. All of these countries we have taken on board had applied formally. Expansion had to happen in a structured manner.”
The Johannesburg Declaration 2 that took place at this year’s BRICS Summit here in South Africa is expected to ensure the development of BRICS nations and create more inclusive economic policies for all the participants involved.
