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BRICS Bloc confirms the status of its new members

BRICS

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TL;DR

  • A Russian diplomat has confirmed that the newly invited members of the BRICS have accepted the invitation.
  • BRICS members to decide on balance at the next summit.

The BRICS summit, an annual gathering of member countries Brazil, Russia, India, China, and South Africa, recently concluded its 15th edition in South Africa with significant developments. Notably, the existing five member states extended invitations to six nations to join the group, ushering in a new phase of expansion for the influential bloc. The invitations were accepted, affirming the shared desire to enhance collaboration and cooperation within BRICS.

Russian diplomat hails the positive start to the expansion

Russian Deputy Foreign Minister Sergey Ryabkov, a prominent figure in the summit, revealed that all six newly invited countries had expressed their eagerness to become part of the BRICS family. The new entrants—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates—demonstrated appreciation for the invitation, reflecting a positive start to the expansion process. The decision to include these six countries was reached during the summit held on August 22-24. The expansion is set to take effect on January 1, 2024.

This significant move is expected to strengthen the geopolitical influence of BRICS on the global stage and foster greater economic, political, and cultural ties among member states. While the invitations were accepted with enthusiasm, Ryabkov emphasized that discussions regarding the role and involvement of the new members would commence before the official start date. This proactive approach aims to facilitate a smooth transition and ensure that the new members seamlessly integrate into the group’s activities. As the rotating chairmanship of BRICS transfers from South Africa to Russia, the next annual summit is anticipated to delve into the topic of future enlargements.

BRICS members to decide on balance at the next summit

The forthcoming meeting will likely feature discussions on the prospective candidates for BRICS membership, as the bloc seeks to strike a balance between expansion and consolidation. Ryabkov, cautious about the pace of future growth, mentioned that it’s important to provide time for the newly inducted members to acclimatize to the workings of the bloc. Drawing an analogy, he likened the new members to a football team that needs time to coordinate and perform effectively on the field. This analogy underscores the significance of adaptation and sharing best practices among members.

The Russian diplomat underscored the collective political will and determination to forge ahead with the expansion. The decision to extend invitations to new members highlights the commitment of all parties involved to deepen cooperation and amplify the influence of BRICS. While the identity of potential future candidates remains uncertain at this point, the focus is currently on nurturing the six new members and ensuring their seamless integration. The forthcoming discussions within the bloc will likely revolve around strategies to maximize the benefits of the expansion while maintaining the cohesion and effectiveness that BRICS has exhibited over the years. The recent BRICS summit marked a pivotal moment in the history of the bloc.

The extension of invitations to six nations signifies a strategic move to broaden the scope of the organization’s influence and capabilities. As the invited nations eagerly embrace their roles, BRICS member states are poised to embark on a new era of collaboration, growth, and shared prosperity. The road ahead involves careful consideration of how to best facilitate the inclusion of new members while preserving the unity and effectiveness that have been hallmarks of the BRICS alliance. The global community will be closely watching as this influential bloc continues to shape the course of international affairs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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