BRICS Officially Invites 6 Countries To Join The Alliance

Vinod Dsouza
BRICS Leaders Countries
Source: Alan Santos / PR / Wikipedia Commons

BRICS has officially invited six new countries to join the bloc after reviewing applications at the summit in Johannesburg. The six countries that BRICS invited on Thursday to join the alliance are Saudi Arabia, the United Arab Emirates (UAE), Egypt, Argentina, Iran, and Ethiopia, according to the Associated Press.

The UAE President, Mohammed bin Zayed, said that he accepts the decision of the BRICS to include the country in the bloc. He described it as an “important group” and added, “We look forward to a continued commitment of cooperation for the prosperity, dignity, and benefit of all nations and people around the world.”

Also Read: BRICS: Is Chinese Yuan a Growing Threat to the U.S. Dollar?

Also, if all six countries accept the invitation, BRICS could become an 11-member alliance. The name could be christened BRICS+ and will usher the group into a new era in the global financial sector.

Also Read: BRICS: The Mighty Dollar Faces ‘Do or Die’ Situation

The bloc will treat all countries as equal and shoulder the same responsibilities moving forward, said China’s President Xi Jinping. “BRICS countries with important influence, shoulder responsibilities for world peace and development,” he said at the summit.

In addition, South Africa’s President Cyril Ramaphosa confirmed that the Central Bank of the five nations has been advised to begin building the infrastructure to trade in local currencies. “BRICS leaders have tasked their finance ministers and central bank governors to consider the issue of local currencies, and payment instruments and to report back,” he said.

Also Read: BRICS: China Targets U.S., Says America Is Obsessed With Hegemony

UAE, Saudi Arabia, Argentina, Egypt, Iran & Ethiopia To Consider Accepting BRICS Invitation

Arab countries flags brics

Moreover, all six countries are most likely to accept the invitation and enter the BRICS bloc this month. BRICS will be more financially stable and stronger as it will control more than 40% of the world’s exports. The U.S. dollar is now in a ‘do or die’ situation as developing countries will limit paying in the USD. Read here to know how many sectors in the U.S. could be impacted if all six countries join the BRICS.