by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – THE Brazil, Russia, India, China and South Africa (BRICS) grouping has announced its expansion, with the invitation of six countries to become full members.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) have been invited.
The membership will take effect from January 1, 2024.
This is the first phase of the expansion process, with further phases scheduled, chairperson of the BRICS Summit, Cyril Ramaphosa confirmed.
“As the five BRICS countries, we have reached an agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while,” the South African president said.
BRICS member states have tasked its Foreign Ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit, scheduled for Kazan, Russia in 2024.
The confirmation of the expansion was the highlight of the summit.
The bloc celebrated the tenth anniversary of the establishment of the BRICS Business Council.
It welcomed the work of the BRICS Women’s Business Alliance in their first in-person engagement with leaders as well as the participation of the youth.
The summit agreed to task the BRICS Finance Ministers and/or Central Bank Governors, to consider the issue of local currencies, payment instruments and platforms and report back to the BRICS leaders by the next summit.
It adopted the Johannesburg II Declaration which reflects key BRICS messages on matters of global economic, financial and political importance.
On Thursday, at the summit in Johannesburg, BRICS hosted the leaders from Africa and the Global South in the BRICS-Africa Outreach and BRICS Plus Dialogue.
“This is so that we can have an inclusive dialogue on key issues affecting developing economies and identify actions that we can take together towards a more equitable, inclusive and representative world.
Ramaphosa hailed the summit as a success.
“Through this summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous.”
Heads of states of the bloc attended, while Russia’s Vladimir Putin participated virtually.
BRICS was initiated in 2009. South Africa joined a year later. The grouping already represents more than 40 percent of the world’s population (at least 3 billion people) and some 31 percent of the global gross domestic product (GDP).
– CAJ News