October 22nd (AMSP/CGTN) – – The BRICS group has gained significant attention in recent years due to its growing influence in global economies and politics. The expansion of the group represents a pivotal moment in international relations, reflecting the shifting dynamics of power towards emerging economies.
On January 1, 2024, the BRICS group welcomed five new members: Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates.
With the admission of these countries, the BRICS Plus now represents almost half of the world’s population, a third of global GDP, a quarter of global trade, and 40-percent of global oil production.
Each of the new members has a unique role to play in the bloc. Egypt and Ethiopia will bring more voices from Africa. They will lead more discussions on the region’s stability, trade and investment.
Iran offers significant energy resources, especially in oil and gas. It also provides a perspective on Middle Eastern geopolitics, enhancing regional dialogues within the group.
As one of the world’s largest oil producers, Saudi Arabia will play a key role in global energy security discussions and foster economic diversification strategies. Its geopolitical influence in the Middle East allows it to provide insights into regional dynamics.
The UAE is a major global financial and trade hub, particularly through cities like Dubai and Abu Dhabi. Its strategic location enhances connectivity between BRICS nations and global markets.
The concept of BRICS originated in 2001 when economist Jim O’Neill coined the term BRIC to describe Brazil, Russia, India, and China as emerging markets with significant growth potential.
The group’s first official meeting took place in 2009, with South Africa becoming a member a year later, solidifying the BRICS framework.
Over the years, BRICS has focused on economic cooperation, political collaboration, and cultural exchange, hosting annual summits to address global issues and foster dialogue.
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