The BRICS bloc of emerging economies has officially welcomed five new members.
The group’s founding members (Brazil, Russia, India, China and South Africa ratified the bloc’s expansion at the Johannesburg Summit last August.
They agreed to admit Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Argentina.
However, one country was against the idea of expansion because admitting more countries would dilute the original member states’ voting power.
Listen: Here’s the BRICS country that originally rejected the idea of expansion
Don’t cry for BRICS, Argentina
In a not-so-surprising twist late last year, Argentina, under now President Javier Milei, has decided to opt out of joining the BRICS bloc.
Incoming Foreign Minister Diana Mondino at the time announced the decision signaling a significant shift in Argentina’s foreign policy under Milei.
While countries like Pakistan and Nigeria are queuing up to join BRICS in Phase Two of the expansion, Chinese President Xi Jinping reportedly sent a personal invitation to Argentina for membership.
Milei’s team emphasised that the decision is not only a divergence from the BRICS alliance but also a strategic move to redefine Argentina’s relationships with its key trading partners, Brazil and China.
The President-elect, known for his previous criticisms of China and threats to sever diplomatic ties, seems to be charting a new course for the country’s international engagements.
ALSO READ: Don’t cry for BRICS: Argentina snubs the emerging bloc despite an exclusive invite from China
2023 highlights
2023 Was arguably one of the most significant years for the global bloc of emerging economies.
What started as an acronym by Goldman Sach economist Jim O’Neil in 2001 expanded to include six new countries this year.
Scholars from the new member countries and experts have high expectations.
This marks the second expansion of the group. Over 40 nations have expressed interest in joining BRICS, and over 20 have formally asked to be admitted.
The bloc’s mission is to deepen economic cooperation between the member countries and stand in contrast to the Western sphere of power.
*Additional reporting by Miyashni Pillay and Narissa Subramoney
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