{"id":10387,"date":"2024-01-02T14:50:10","date_gmt":"2024-01-02T14:50:10","guid":{"rendered":"https:\/\/qiraatafrican.com\/en\/?p=10387"},"modified":"2024-01-02T14:50:10","modified_gmt":"2024-01-02T14:50:10","slug":"brics-expands-as-egypt-ethiopia-3-others-join-ranks","status":"publish","type":"post","link":"https:\/\/qiraatafrican.com\/en\/10387\/brics-expands-as-egypt-ethiopia-3-others-join-ranks\/","title":{"rendered":"BRICS expands as Egypt, Ethiopia, 3 others join ranks"},"content":{"rendered":"

Saudia Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia joined the ranks of the BRICS group on Monday, January 1.<\/p>\n

The five countries were\u00a0to join the group in August 2023 at the\u00a015th BRICS summit\u00a0in Johannesburg, South Africa.\u00a0Argentina was also invited but backed out at the end of December.<\/p>\n

The BRICS group of emerging countries was formed in\u00a02006 by Brazil, Russia, India and China, with South Africa joining in 2010.<\/p>\n

It has since become an important platform for cooperation among emerging markets and developing countries. The doubling of its members on Monday is aimed at increasing the group’s clout on the global stage.<\/p>\n

Global expansion<\/strong><\/h3>\n

The newly expanded BRICS has a combined population of about 3.5 billion people, with a combined economy worth over $28.5tn or about 28% of the global economy<\/p>\n

The group’s growth could mark a shift in the geopolitical landscape, although analysts remain uncertain as to whether the expansion will be a help or a hindrance to BRICS members.<\/p>\n

Some experts say that\u00a0differences<\/a>\u00a0within the group could weaken decision-making and BRICS’ power overall.<\/p>\n

However, BRICS countries are hoping that the expansion will lead to greater representation for emerging economies and a chance to\u00a0move away from reliance on the US dollar.<\/p>\n

In August last year, Brazil’s president called for BRICS nations to adopt\u00a0a common currency<\/a>\u00a0for trade and investment between each other.<\/p>\n

Russia’s presidency<\/strong><\/h3>\n

Russia took over the BRICS presidency on Monday, following on from South Africa’s chairmanship in 2023.<\/p>\n

Under the motto “Strengthening Multilateralism for Equitable Global Development and Security”, Russia will hold the chair for one year and will host the BRICS annual summit in Kazan in October.<\/p>\n

Russian president\u00a0Vladimir Putin has said<\/a>\u00a0he plans to increase BRICS’ role in the international financial system and will “spare no effort to ensure that […] we\u00a0facilitate the harmonious integration of new participants” in activities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudia Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia joined the ranks of the BRICS group on Monday, January 1. The five countries were\u00a0to join the group in August 2023 at the\u00a015th BRICS summit\u00a0in Johannesburg, South Africa.\u00a0Argentina was also invited but backed out at the end of December. The BRICS group of emerging countries […]<\/p>\n","protected":false},"author":1,"featured_media":8801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Africa News","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[29,32],"tags":[442,114,1257,1918,1919],"class_list":["post-10387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-africa","category-economy","tag-egypt","tag-ethiopia","tag-iran","tag-saudia-arabia","tag-united-arab-emirates"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/10387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=10387"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/10387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/8801"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=10387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=10387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=10387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}