The Johannesburg Declaration 2 of the BRICS group, which supports the “Global South,” has invited six new nations, Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia, to join as full members in 2024. South African President and BRICS Chair Cyril Ramaphosa announced the decision, stating that the expansion will occur in phases.
A senior official announced and highlighted significant changes in the standards for admitting new members. Saudi Arabia’s participation in the BRICS is crucial for the organization’s future survival, as it would provide the bloc’s New Development Bank with significant financial resources, making it an “offbeat” option to organizations like the World Bank or the IMF.
UAE and Saudi Arabia are two of the six nations invited to join the BRICS
“India has “profound and historic” ties to the BRICS members and has consistently supported their expansion,” according to Prime Minister Modi.
BRICS Summit 2023
Six new nations will get invited to join the BRICS group of countries, which has committed to supporting the “Global South.” The main topic of discussion during the three-day Summit in Johannesburg was the growth of BRICS, which stands for Brazil, Russia, India, China, and South Africa. Although all five BRICS nations have publicly stated their support for expansion, there may be disagreements among the leaders over how swiftly and by how much.
The Johannesburg Declaration 2
The Johannesburg Declaration 2, highlighted by the group, invites Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia to join as full members of the organization in 2024, according to South African President and BRICS Chair Cyril Ramaphosa.
BRICS Chair Cyril Ramaphosa’s statement
“We have decided to extend full membership invitations to Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia. As of January 1, 2024, new members will join the BRICS,” according to Ramaphosa.
“We respect other nations’ interests in forming relationships with the BRICS. To further refine the BRICS collaboration model and a list of potential nations, we gave our foreign ministers an assignment,” he continued.
“Profound and historic” relations
According to Prime Minister Modi, India has always supported the BRICS’s expansion and has “profound and historic” connections to the member nations.
The expansion would take place in phases
The news agency was already aware by a high-ranking official that the Summit would mark significant advances in the criteria for adding new members to the group. For Saudi Arabia, Egypt, and Argentina to formally join BRICS, the officials announced that the leaders would need to clear the way.
Additionally, it came out that development would take place in stages. Twenty-two nations have formally submitted requests to join the bloc, indicating that many countries want to do so.
Saudi Arabia’s participation in the BRICS
Saudi Arabia’s membership in BRICS has a reputation to be vital for the future survival of the organization. The inclusion of Riyadh would give the bloc’s New Development Bank (NDB) a member with significant financial resources, making it a viable “offbeat” to organizations like the World Bank or the International Monetary Fund (IMF).
The BRICS Bank, the China-led NDB, currently has a $50 billion corpus. However, a considerably greater monetary base is necessary for the massive initiatives funding within the Global South or developing economies.