BRICS Summit Undergoes Transformation with New Member Expansion

• 03 Jan 2024

The upcoming BRICS summit in Russia this October is set for a significant transformation, expanding its membership to include five new nations, marking a shift in the global landscape towards multipolarity.

Key Points

• Expansion of BRICS Membership: BRICS, initially comprising Brazil, Russia, India, China, and South Africa, is expanding to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• Global Landscape Shift: The expansion signifies a shift in the global order, characterized by increasing multipolarity and assertive middle powers challenging the Western-led order.
• Argentina Withdraws from BRICS: Despite initial plans, Argentina, under President Javier Milei, decided to withdraw from joining the expanding BRICS club.
• Previous BRICS Expansion: The last expansion occurred in 2010 when South Africa joined, altering the original acronym.
• Investment Opportunities: The BRICS expansion is expected to create new investment opportunities for Saudi Arabia and the UAE.
• Economic Growth amid Global Uncertainties: Despite global uncertainties, Saudi Arabia achieved an impressive 8.7% annual growth in 2022, focusing on diversification under Vision 2030.
• UAE's Robust Economic Performance: The UAE anticipates a 3.4% growth in 2023, with positive trends across various sectors, resilient amidst global economic challenges.
• Diversification Efforts: Both Saudi Arabia and the UAE have sustained economic growth through diversifying their economies.