The Expansion of BRICS: 6 New Countries to Join in 2024

With the beginning of the next 2024, the scope of the BRICS group will expand and include 6 new countries, including 3 Arab countries, which are the UAE, Saudi Arabia and Egypt, which are among the leading economies in the world.

South Africa, which is chairing the BRICS this year, announced today, Thursday, that BRICS has invited Argentina, Egypt, Iran, Saudi Arabia, the United Arab Emirates and Ethiopia to join it.

South Africa added at the meeting of BRICS leaders and representatives that the membership of the new members will take effect from the beginning of next year (January 1, 2024).

Economic Weight

According to the World Bank, the six new countries will add $3.24 trillion to the economies of the BRICS countries, which include Russia, Brazil, India, China and South Africa.

In addition to new countries with huge underground resources such as oil and gas, which will increase the role and position of the BRICS in the global economy.

Below is a graphical table showing the size of the BRICS and emerging economies, based on 2022 World Bank data:

And in terms of the economic opportunities of the BRICS group, even before the announcement of the accession of new countries, the BRICS countries overtook the seven most advanced powers in the world. According to media reports, BRICS provides 31.5% of world GDP compared to 30.7% for the seven most developed powers.

The BRICS group is ahead of the G7 countries not only in terms of economic indicators, but also in terms of demographic indicators: 800 million people live in the G7 countries compared to 3.2 billion in the BRICS countries.

How were the BRICS countries created?

The BRICS countries make up a quarter of the land area, and their population is 40% of the world’s population, and they include emerging economies that compete with the economies of the West.

And “BRICS” is an economic group, which now includes Russia, Brazil, China, India and South Africa, and next year it will include 6 new countries. Negotiations on its formation began in 2006, and it held its first summit in 2009.

At first, the group included Brazil, Russia, India, and China under the name “BRIC”, then in 2011 South Africa joined it and became “BRICS”.

The group is working to build a multipolar international political and economic system and break the US-led Western hegemony.

Source: RT