Iran, Saudi Arabia among six new additions to Brics
NEW DELHI : Leaders of Brics countries on Thursday invited six more nations to join them in the grouping’s first expansion since 2010. Iran, Saudi Arabia, Egypt, Argentina, Ethiopia and the United Arab Emirates will join existing members Brazil, Russia, India, China and South Africa, said South African President Cyril Ramaphosa at a briefing. The six countries are expected to become members starting 1 January.
“Through this step, the faith of numerous nations in a multipolar world order will become stronger," said Prime Minister Narendra Modi, welcoming the expansion of the organization. “As I said yesterday, India has always fully supported the expansion of the membership of Brics," Modi said at a press briefing with other Brics leaders. Brics began as a group of four countries—Brazil, Russia, India and China—in the mid-2000s.
In 2009, Brics nations held their first leaders’ summit in Russia. The organization was expanded to include South Africa in 2010. “The issue remains about the internal cohesion of Brics.
The expansion of Brics without a sense of purpose between the formative five members creates a problem for Brics," said Harsh Pant, vice president for Studies and Foreign Policy at the Observer Research Foundation, a New Delhi-based think tank. There have been questions about the continued relevance of Brics, which came together after the 2008 financial crisis as a group of fast-growing emerging economies that sought to reform international financial institutions and build a multipolar world order. However, in the intervening years, the member nations have experienced varied levels of economic success.
Read more on livemint.com
