BRICS expansion

February 2, 2024

As per reports, Saudi Arabia and four other countries have accepted the invitation to join the BRICS club of nations that was extended during a summit last year.
- Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates are now full members
- Argentina has decided to not join BRICS
- The last expansion of the BRICS occurred in 2010 when South Africa joined the group.
Also, BRICS foreign ministers are developing a so-called BRICS partner country model to accommodate 17 nations who were not accepted as full members.
The bloc is also devising a framework to allow members to use their local currencies for inter-BRICS trade.
Russia will take over as chair of the bloc this year from South Africa.