Saudi Arabia and the United Arab Emirates (UAE) have been invited to join the BRICS group of developing nations, marking the first expansion of the bloc in over a decade. Along with Saudi Arabia and the UAE, Iran, Egypt, Ethiopia, and Argentina have also received invitations to become members. All six countries had previously expressed interest in joining the group, which currently consists of Brazil, Russia, India, China, and South Africa. The membership is set to take effect from January 1, 2024.
South African President Cyril Ramaphosa, who announced the expansion at the conclusion of the annual BRICS summit in Johannesburg, stated that this move would increase the bloc’s global influence. Russian President Vladimir Putin and Chinese President Xi Jinping also expressed their support for the expansion, with Putin describing it as historic and Jinping noting that it would strengthen cooperation among developing countries.
The addition of Saudi Arabia to the BRICS group raises questions about potential de-dollarization, as the world’s largest crude oil exporter could find itself in the same economic bloc as the world’s largest oil importer, China. Additionally, it brings together Saudi Arabia and Russia, both members of OPEC+.
While the expansion has been welcomed by some, including Indian Prime Minister Narendra Modi, who believes it will strengthen the bloc, others have expressed skepticism. Economist Jim O’Neill, who initially coined the term BRICS, questioned the economic significance of including more countries in the group, citing the difficulties of reaching agreements among the existing members.
The expansion comes at a time when tensions between Russia, China, and the West are rising. The inclusion of countries openly at odds with the West, such as Iran, has led to concerns that BRICS could transform into an anti-Western bloc.
The United Arab Emirates President Mohamed bin Zayed al Nahyan and Egyptian President Abdel Fattah el-Sisi both expressed their appreciation for the inclusion of their countries in the group, highlighting the importance of economic cooperation among members and giving a voice to the Global South.