New kids on the bloc

More countries joining BRICS alliance

- PAUL BENNETT

BRICS emerging alliance Brazil, Russia, India, China, and South Africa - recently held an important meeting in Johannesburg to cement their growing global economic influence.

The summit also called for a 'comprehensive reform of the UN, including the Security Council'.

The meeting in August was the 15th annual BRICS summit.

During the two-day meeting, Russian leader Vladimir Putin said: "Over the past ten years, mutual investment between the BRICS member states has increased by six times. Their total investments in the world economy have doubled, while cumulative exports account for 20% of the global total." Before the important summit, Chinese President, Xi Jinping, stated the talks would "strengthen cohesion and cooperation among developing countries to an even higher level".

At a press conference after intensive BRICS meetings, South African President, Cyril Ramaphosa, outlined the key outcomes: "These include the need for beneficial economic growth, sustainable development, and reform of multilateral systems. As the five BRICS countries, we have reached agreement on the guiding principles, standards, criteria, and procedures of the BRICS expansion process, which has been under discussion for quite a while. We have consensus on the first phase of this expansion process, and further phases will follow." From January 1, 2024, President Ramaphosa reported that oilrich Saudi Arabia, United Arab Emirates as well as Argentina, Egypt, Ethiopia, and Iran will become full members of the expanding BRICS coalition.