BRICS Asks Saudi Arabia, Iran, UAE, Egypt, Argentina, Ethiopia to Join Bloc - Bloomberg
Major emerging market nations invited top oil exporter Saudi Arabia, Iran, Egypt, Argentina, Ethiopia and the United Arab Emirates to join their bloc in a push to expand its global influence.
Leaders from Brazil, Russia, India, China and South Africa agreed to expand their BRICS group from Jan. 1 at a summit being held this week in Johannesburg, South African President Cyril Ramaphosa said on Thursday. It will be the first expansion since 2010.
“We have consensus on the first phase of this expansion process and other phases will follow,” Ramaphosa said, sitting alongside other leaders from the group.
The inclusion of Saudi Arabia, the world’s largest oil exporter, along with Iran, the UAE and Brazil, would mean the group brings together several of the largest energy producers with the developing world’s largest consumers, giving it outsized economic clout. With most of the world’s energy trade taking place in dollars, the expansion also enhances the bloc’s ability to push more trade to alternative currencies.
An expanded BRICS would also mean more say for the group in world affairs and may lead to a different type of global economy, according to Bloomberg Economics. That’s because in comparison to the Group of Seven, the BRICS are less market-oriented.
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