The first day in 2024 witnessed a positive move forward in terms of the world economy as five new countries are officially confirmed to have joined the BRICS. According to a statement issued by the intergovernmental organization yesterday, in addition to Argentina withrdawing its plans to join.
The membership of five new countries (Egypt, Iran, Saudi Arabia, United Arab Emirates, and Ethiopia) took effect on Monday, January 1, 2024. Earlier in 2023, the Johannesburg Summit in August 2023 had formally invited five new members to join, now BRICS have 10 members in total, with UAE and Saudi as two of the most powerful economic giants in the Middle East.
With a growing number of countries seeking to join the BRICS, it is possible to see a change in economic world order. The BRICS acronym referring to Brazil, Russia, India, China, and South Africa essentially provides an alternative to the US-led system and provides a substitute currency to the American dollar. The countries act as a counterbalance to traditional Western influence. They seek to depend on each other to build a growing influence in the world.
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