BRICS Summit 2023: BRICS welcomes 6 new nations

The recently concluded BRICS Summit saw leaders of the member countries announcing the expansion of the group by inviting six new nations to join the bloc. The six new nations being welcomed into the fold are Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. These new candidates are set to be admitted into the group on January 1st, 2024, marking a significant development in the history of BRICS. The decision to expand the bloc reflects a strategic move towards creating a "Global South" alliance, with leaders emphasizing the unity and consensus among the existing BRICS nations in reaching this decision. The 15th BRICS Summit, which was held in person for the first time since the onset of the COVID-19 pandemic, served as a platform for dialogue, collaboration, and partnership among the member countries and the new invitees. The Summit witnessed a wide-ranging BRICS Business Forum, which attracted business delegates from BRICS nations and other global participants. The forum aimed at fostering investment, enhancing collaboration, and showcasing opportunities within South Africa, the African continent, and the BRICS countries at large. One of the key highlights of the Summit was the adoption of the Johannesburg II Declaration, a comprehensive document encompassing crucial issues that were deliberated upon by the leaders. The declaration underscored the commitment of the BRICS nations to promote sustainable development, infrastructure, and economic growth within the bloc and beyond. Additionally, the Summit celebrated the 10th anniversary of the BRICS Business Council, with leaders welcoming their recommendations and insights. Brazilian President Luiz Inacio Lula da Silva reiterated the bloc's commitment to inclusivity and openness by welcoming the new members and emphasizing the potential for further expansion. The addition of the six new nations is poised to significantly boost the economic prowess of BRICS, with the group's GDP share projected to rise to 37% and the population share to 46% globally. President Lula da Silva also highlighted the formation of a working group to explore the adoption of a common currency for BRICS, signaling a step towards greater financial integration and cooperation. Russian President Vladimir Putin, addressing the Summit remotely, emphasized the importance of mutual currency settlements and enhancing economic collaboration among BRICS nations and the new members. Despite facing trade sanctions, Russia remains committed to expanding the influence of BRICS globally and fostering practical partnerships that benefit all stakeholders. President Putin's remarks underscored the significance of cohesive action and cooperation in advancing the goals of the bloc. Indian Prime Minister Narendra Modi commended the inclusion of the new members and expressed confidence in the collective potential of BRICS to catalyze cooperation and synergy among the participating nations. Prime Minister Modi also lauded the successful soft landing of India's Chandrayaan mission on the moon, highlighting the country's technological achievements and its contributions to the global scientific community. The Indian leader's remarks underscored the spirit of collaboration and innovation that defines BRICS engagements. Chinese President Xi Jinping hailed the expansion of BRICS as a historic milestone, heralding a new chapter of unity and cooperation among emerging markets and developing countries. President Xi emphasized the collective responsibilities of BRICS nations in promoting world peace and development, underscoring the group's commitment to inclusivity and mutual progress. The admission of the six new nations into the BRICS family signifies a broader engagement with the international community and paves the way for enhanced cooperation and solidarity. The expansion of BRICS to include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates marks a significant evolution in the group's composition and objectives. The decision reflects a strategic realignment towards fostering a stronger, more inclusive alliance that prioritizes economic development, infrastructure investment, and sustainable growth. The unity and consensus demonstrated by the BRICS leaders during the Summit underscore a shared vision for a more interconnected and prosperous future. As the new members prepare to join the bloc in 2024, the prospects for enhanced cooperation, trade partnerships, and joint initiatives appear promising. The BRICS Summit serves as a testament to the collective efforts of diverse nations coming together to drive positive change and build a more resilient and equitable global order. The inclusivity and diversity showcased by the expanded BRICS alliance bode well for a future marked by collaboration, innovation, and mutual prosperity.