BRICS (Brazil, Russia, India, China, and South Africa) will now have five more countries as its official members. Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates accepted the invitation to become the official new members of BRICS. There were around 34 countries that showed interest in being a BRICS member. However, these five new countries are officially a part of BRICS. We will share more information about BRICS’ new extended membership below.
BRICS Welcome Five New Countries As Its Members
BRICS joined South Africa in 2010 after which the name BRICS came into existence, Since then, it has been five countries only as its part. The BRICS club invited these six countries last year to be a part of the BRICS extension. Saudi Arabia, Argentina, Iran, Egypt, Ethiopia, and the United Arab Emirates. All of them except Argentina joined the club by accepting the invitation. The club will now have ten countries in it. The addition will lead to a lot of changes in the club. The club got its name after the entry of South Africa in 2010. It might remain BRICS or might change as well. No clarification has been received yet.
The inclusion of Saudi Arabia and and UAE also shows the development and increasing role of the South on the international stage. Saudi Arabia and UAE will get several benefits after entering BRICS. These countries are already performing well in the economic market. They proved themselves through the harsh times.
If we talk about UAE, they have focused a lot on improving their tourism in the country. UAE consists of cities like Dubai which has become a massive tourist attraction with Burj Khalifa. The country is having an economic growth of 3.7%. In the previous year, it was expected to be around 3.4%. The country is moving towards the nonoil sectors for their economic growth. Apart from tourism, the country also sees growth in real estate, construction, transport, and manufacturing.
Saudi Arabia which is now officially a part of BRICS focuses more on the diversification in the economy. They are also introducing different sectors of earnings. The country is known to make 8.7% growth in 2022. It exceeds the growth rate of many of the world’s largest economies as well. Saudi Arabia and UAE showed their potential. They didn’t give up on their aspirations and found different ways to reach growth.