clarification: What BRICS group will the UAE, Egypt and Saudi Arabia join?
What BRICS group will the UAE, Egypt and Saudi Arabia join? The "BRICS" group is a political organization that began talks in 2006 and conducted its inaugural summit in 2009. Its members were countries with growing economies, including Brazil, Russia, India, and China, under the moniker "BRIC" at first, and South Africa joined the organization in 2010 to become known as "BRICS".
And Russia was the one who started it all. The group's inaugural ministerial meeting was convened on the fringes of the UN General Assembly on September 20, 2006, at the invitation of Russian President Vladimir Putin.
The group is not a formal multilateral international organisation like the United Nations, the World Bank, or the Organisation of Petroleum Exporting Countries (OPEC), and the heads of state and government of the member countries meet annually, with each country holding the group presidency for a one-year rotating term.
The five countries are home to half of the world's population, with a combined GDP equal to that of the United States (13.6 trillion dollars), and have total foreign exchange reserves of 4 trillion dollars.
The BRICS initiative seeks to increase economic, trade, and investment cooperation among member countries, as well as to coordinate positions on global and regional issues and to promote sustainable development.
The group, which accounts for over 40% of the worldwide population and 25% of global GDP, is regarded as a rising economic force and important player in the global economy, and it aspires to change the global financial system and expand its position in global decision-making.
On July 15-16, 2014, the BRICS summit in Brazil voted to establish a Development Bank and ratify a treaty to build an emergency reserve for the organisation, which presently owns a total of $200 billion.
The Economist elaborated. According to Dr. Daniel, "the BRICS is practically a group of five emerging countries, four of which began before South Africa joined." Its purpose is to compete indirectly with the group of seven, which accounts for 60% of global wealth, while the BRICS countries account for 40% of the world's territory because they contain the five largest countries by area. Following the Ukrainian war, the fracturing of the world order, and the move towards geopolitical, geoeconomic, or geostrategic blocs, the BRICS have received more attention.
Dr. Mamdouh Salama, an international economist, says that "the BRICS group is a summary designation of five countries: China, India, Russia, Brazil, and South Africa." Their goal is first and foremost to cooperate and support global peace, security, and economic development, especially since China is the world's largest economy, India is the world's third largest economy, and Russia is the world's largest energy exporter," he said.
- South Africa.
- The Emirates.
- Saudi Arabia.
Why do countries want to join?
According to the South African chair of the 2023 summit, more than 40 countries have expressed interest in joining the group.
The BRICS are the world's second largest grouping behind the eurozone, and if enlarged, it will comprise many countries and carry significant weight in the energy sector.
The world's countries see the BRICS as an alternative to global entities dominated by conventional Western powers, and they expect that its membership will provide benefits such as financing development and increasing trade and investment.