With the world ringing in the new year, the BRICS economic alliance has welcomed 2024 by officially adding 5 expansion nations to its ranks. Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year.
These countries are set to officially join after receiving an initial invitation at the bloc’s 2023 annual summit. Indeed, the August event saw each country welcomed as the first expanded effort the alliance has ever embraced. Subsequently, Argentina was also invited but has since rejected it amidst a regime change.
Also Read: BRICS Currency is Answer for a World ‘Tired of The US Dollar’
BRICS Officially Welcomes Expansion Nations
For much of the last year, the BRICS economic alliance has flourished. In what was undoubtedly a year of growth, the bloc fast-tracked a host of initiatives. Those range from its de-dollarization plans to its first-ever expansion bid. The latter of which is finally set to be made official.
Indeed, the BRICS alliance has welcomed 2024 by officially adding 5 expansion nations to its ranks. Specifically, it introduced Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia to be the first countries to constitute expansion since South Africa was added more than a decade ago.
Also Read: BRICS: India Makes First Local Currency Payment to UAE For Oil
The expansion is set to have massive geopolitical ramifications, as they could be hugely important to its multipolar goals. However, one of the nations previously invited, Argentina, has rejected its opportunity to join the bloc. The country saw a new president ascend in the form of Javier Milei. Subsequently, his hope to dollarize the Latin American country displays his changing priorities to the bloc he has rejected entry.
Additionally, Bloomberg reported that the alliance already has nearly 30 countries seeking entry to the bloc at its upcoming expansion. Moreover, continued expansion efforts have already been in motion as they end in 2023. The alliance expects an additional 6 countries to join its ranks at its upcoming annual summit in Russia.