BRICS expands: Nine new nations join global economic bloc
Nine countries are set to join the BRICS bloc, which was established in June 2009 at a summit in Yekaterinburg, Russia. The bloc's official goals include creating a new currency system and reforming the United Nations. In 2020, the GDP of BRICS countries surpassed the economic growth of the G7 nations.
The BRICS currently consists of nine member countries: Brazil, Russia, China, South Africa, India, Iran, Egypt, Ethiopia, and the United Arab Emirates, along with partner countries. The bloc will expand on January 1, 2025, to include nine more nations. The new partners will be Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
This expansion will mean that BRICS countries will account for 41 percent of the global economy and be home to half of the world's population.
Russia envisions a common currency for the BRICS developing nations. Yury Ushakov, an advisor to Vladimir Putin, argued this spring that the bloc aims to create an independent payment system based on digital currencies and blockchain.
New BRICS members. Argentina withdrew at the last minute
Argentina was expected to join the bloc, but the country’s new president, Javier Milei, withdrew this decision at the last moment. He stated that he does "not currently consider Argentina's accession to BRICS appropriate." Earlier this year, there were reports that Saudi Arabia would join the bloc; however, this information was quickly corrected.
The bloc has expanded twice. In 2011, South Africa joined, marking when BRICS formally included the "S" from the English name of South Africa. In 2024, the organization admitted Ethiopia, Egypt, Iran, and the United Arab Emirates.
The acronym BRIC (later BRICS with the addition of "S" as explained earlier) was coined by British economist Terence James O'Neill, who published an article in 2001 about the emerging economies of Brazil, Russia, India, and China. The name gained traction two years later. Studies from that time suggested that by the middle of the 21st century, the countries in this bloc would be global economic powers.
What does BRICS membership offer?
The status of a partner country ensures a regular presence in special sessions of the bloc's summits and meetings of foreign ministers. Partners may also be invited to other ministerial-level events related to trade, national security meetings, and parliamentary forums, allowing them to strengthen BRICS's voice in international matters.
Since 2009, BRICS leaders have held annual meetings. The heads of various departments in associated countries—such as the economy and foreign affairs—also hold regular meetings.
