BRICS Unleashes Game-Changing Expansion: 6 New Stars Rise

EDITOR'S NOTE: BRICS summit's grand finale saw a seismic shift as the original five members roared in a daring expansion, throwing open their doors to Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE), doubling the bloc's might. This power move, hitting the scene on January 1, 2024, doesn't just reconfigure the cast; it ignites a new era of global dynamics. Cyril Ramaphosa, South African President, calls it a giant leap towards a fairer, more inclusive world. While Phase One has global consent, Ramaphosa hints at more surprises down the road, with 40+ contenders eager to join and 22 already knocking. This audacious expansion earns kudos from leaders like China's Xi Jinping, who hails it as a historic unity call for all developing players. As this diverse squad assembles, the spotlight's on, and Narendra Modi, India's Prime Minister, challenges the world to embrace change just like BRICS. Amid this mega transformation, Luiz Inacio Lula da Silva, Brazil's President, rings the alarm on the urgency of unity amid brewing global tensions. A new world order dawns, where BRICS boldly rewrites the rules and sets a blazing path for global evolution.

The final day of the BRICS summit produced a dramatic turn of events as the five existing members announced that they would admit six new members, more than doubling the size of the bloc.

On January 1, 2024 the existing BRICS nations of Brazil, Russia, India, China and South Africa will be joined by new members Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates (UAE), they told reporters on Thursday.

“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,” said South African President Cyril Ramaphosa, who is hosting the three-day BRICS summit in Johannesburg.

Ramaphosa said other countries could still be added in the future. “We have consensus on the first phase of this expansion process and other phases will follow,” he said. Over 40 countries have expressed an interest in joining the bloc, and 22 countries have already submitted formal applications.

Mohammed bin Zayed, President of United Arab Emirates, said he appreciated that they were included in the next phase of the bloc’s expansion. UAE is already a shareholder of the BRICS’ New Development Bank.

Ethiopian Prime Minister Abiy Ahmed said the existing BRICS members’ decision to invite Ethiopia to join was “a great moment.”

China's President Xi Jinping also lauded the bloc’s agreement on new members. “This membership expansion is historic,” Xi said following the announcement. “It shows the determination of BRICS countries for unity and cooperation with the broader developing countries.”

Indian Prime Minister Narendra Modi said the bloc's expansion ought to serve as an example to other global institutions. “The expansion and modernization of BRICS is a message that all institutions in the world need to mold themselves according to changing times,” Modi said.

And Brazilian President Luiz Inacio Lula da Silva said the promise of globalization had failed and it was time to increase cooperation among developing countries as they face the “risk of nuclear war,” seeming to allude to the escalating conflict between Russia and the U.S.-led West over Ukraine.

Originally published by Ernest Hoffman at Kitco