Six countries have been added to the Brics bloc of nations, namely Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
South African President Cyril Ramaphosa announced the much-anticipated expansion of the trading bloc on Thursday, while delivering the outcomes of the 15th annual Brics Summit in Johannesburg.
The membership of the new entrants to the Brics economic grouping will become effective on 1 January 2024.
“As the five Brics countries, we have reached an agreement on the guiding principles, standards criteria and procedures of the Brics expansion process,” Ramaphosa said.
“We have consensus on the first phase of this expansion process and other phases will follow,” he said.
The expansion of the Brics bloc has been in discussion in the lead-up to the summit and is on the back of 20 countries, largely from the African continent, expressing interest in joining the bloc.
“We value the interest of other countries in building a partnership with Brics. We have tasked our foreign ministers to further develop the Brics partner country model and a list of prospective partner countries and report by the next summit,” Ramaphosa said.
