BRICS leaders agree at the Johannesburg summit to expand the group
Dubai – Al Arabiya.net
Posted on: August 24, 2023: 10:05 AM GST Last updated: August 24, 2023: 10:27 AM GST
Major emerging market countries are preparing to invite Saudi Arabia, the world’s largest oil exporter, and many other countries to join their bloc in an effort to expand their global influence.
The leaders of Brazil, Russia, India, China and South Africa agreed to expand the BRICS grouping at a summit this week in Johannesburg. It will be the first expansion since 2010.
Egypt was also invited to join, along with other countries in the Middle East, although the list was still being discussed late Wednesday, Bloomberg reported, citing sources, and Al Arabiya.net.
Members said a larger group could help counter the G7’s dominance in world affairs.
The expansion was largely driven by China, but supported by Russia and South Africa. India worried that the larger BRICS group might turn the group into a mouthpiece for China, while Brazil worried about alienating the West.
Saudi Arabia and Egypt have not publicly announced their position on the possibility of joining BRICS, although Riyadh sent a delegation to the meeting.
More than 20 countries of the Global South had formally requested to join before the summit.
The enlarged BRICS, including Saudi Arabia and Indonesia, will account for 44% of the global economy by 2040, which is more than the expected 21% GDP share of the G7 as projected by Bloomberg Economics.
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2023-08-24 06:05:00
