The 15th BRICS Summit invited six countries to join the alliance. These countries are - Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia.
Their membership will begin in January 2024.
About 15th BRICS Summit
• Host: This year’s summit was hosted by South Africa.
South Africa became Chair of BRICS on 1 January 2023.
Theme BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism
About BRICS
BRICS brings together 5 major emerging economies - Brazil, Russia, India, China and South Africa.
Before expansion, BRICS as a platform represented 42% of the world population, 30% of the world’s territory, 23% of global GDP, and around 18% of world trade. Timeline of BRICS
2001 - British economist Jim O’Neill of Goldman Sachs coined the term ‘BRIC’. o He coined the term to highlight the potential of these four economies from an investors’ interest perspective.
2006 - An informal meeting of the grouping was held in 2006 among Russia, India, and China on the sidelines of the G8 Outreach Summit in Russia.
2009 – First BRIC’s summit was held in Russia.
2010 – South Africa became the member and BRIC became BRICS.
2015 – New Development Bank, also known as BRICS Bank, was launched.
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