On the occasion of their 15eFrom 22 to 24 August in Johannesburg, South Africa, BRICS member countries (Brazil, Russia, India, China and South Africa) opened their doors to six new countries. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates will strengthen their ranks as soon as 1andJanuary 2024. Each has its share of notable benefits: Saudi Arabia is the world's largest oil exporter and the United Arab Emirates, the fifth, Argentina, a strong agricultural power, Egypt, an influential country in the Arab world, and Ethiopia, a gateway between Africa, the Middle East and Asia.

With 3.7 billion inhabitants, the new block will have more45 per cent of the global populationthe six new members bringing together 400 million people. Prior to the integration of these new members, the BRICS already represented aquarter of world GDP.

In addition to economic and financial cooperation between the eleven countries, this enlargement aims to defend the concerns of the global South, oppose the G7 and establish a new world order (cf.Redefining global leadership against the rise of BRICS). The group also plans to develop a common currency that would allow them to exchange the US dollar, which has been indispensable in the international monetary system since the end of the Second World War. This common currency would not be a single currency usable by individuals, it would overlap with national currencies to conduct trade between Member States.

Some 20 countries had applied to join the BRICS circle. Candidates « rectified »Algeria, Cuba, Kazakhstan, Bangladesh, Nigeria and Venezuela.

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Source(s): The Echoes 

Editor(s): C. BEDOUIN