Saudi Arabia And Iran To Join BRICS As New Members In 2024

South African President Cyril Ramaphosa announced on the final day of the BRICS summit, a grouping of major emerging economies, that Saudi Arabia and Iran will join the organization as new members in January 2024.

The BRICS grouping includes China, Brazil, South Africa, Russia, and India, and aims to present an alternative counterweight to Western powers in global governance.

The expansion process involves the inclusion of Argentina, Egypt, Ethiopia, and the United Arab Emirates along with Saudi Arabia and Iran in the first phase, followed by subsequent phases.

The decision to include Saudi Arabia, Iran, and other countries from the Middle East and North Africa (MENA) marks a significant shift for BRICS and is seen as a response to the growing pushback from Western nations in the form of sanctions, particularly by China and Russia.

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This expansion aligns with BRICS’ ambitions to create a more “multipolar” world order that prioritizes the voices of the Global South.

The core BRICS countries have been deliberating the issue of expansion for over a year, and the invitations to new members were extended following a consensus reached at the summit.

While BRICS has existed formally for 15 years, its impact and effectiveness have been questioned by experts due to the diverse political and social interests of its member states.

The inclusion of Saudi Arabia and Iran in BRICS highlights the desire for a broader representation in global economic governance.

Over 40 countries had expressed interest in joining BRICS, with 23 formally applying for membership. The BRICS grouping accounts for a quarter of the global economy and 40 percent of the world’s population.

As the summit concludes in South Africa, more than 50 heads of state and leaders from around the world have gathered to discuss the organization’s future and its role in shaping global economic and political dynamics.