Russia and China hail ‘shot in the arm’

Source: Sydney Morning Herald | Original Published At: 2023-08-24 19:49:20 UTC

Key Points

• BRICS invites six new members (Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, UAE) to expand from 5 to 11 nations
• Expansion aims to create a rival bloc to the G7 and counter Western-dominated global order
• New members add financial and geopolitical weight to the group
• BRICS seeks to reduce dependence on the US dollar for international trade

The BRICS group of countries have invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to join the club, which China wants to operate as a rival to the G7.

BRICS currently comprises Brazil, Russia, India, China and South Africa; the latter hosted this year’s summit in Johannesburg meaning the proposed expansion would more than double the number of member states.

President of China Xi Jinping speaks at the China-Africa Leaders’ Roundtable Dialogue on the last day of the BRICS Summit, in Johannesburg, South Africa. Credit: AP

The BRICS leaders said in their declaration at the end of the summit that the countries would be admitted from January 1, 2024.

The group wants to reduce its reliance on using the American dollar to settle global trade but has so far been incapable of producing a viable alternative.