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BRICS Group Boosts Economic Clout With New Mideast Powers
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BRICS leaders invited top oil exporter Saudi Arabia and five other countries including Iran to join their bloc in a push to expand its global influence.
Saudi Arabia, Argentina, Egypt, Ethiopia, Iran and United Arab Emirates will become full members on Jan. 1, said South Africa’s President Cyril Ramaphosa in a joint press conference of the BRICS leaders on Thursday at their annual summit in Johannesburg. The enlisting of new members was agreed by the leaders of Brazil, Russia, India, China and South Africa. It will be the first expansion since 2010.
An expansion of the group of emerging market powers could help boost its global heft and counter the dominance of the Group of Seven. The enlargement will see BRICS gross domestic product rise to 36% of global GDP at purchasing power parity and 46% of the world’s population, said Brazilian President Luiz Inacio Lula da Silva.
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Saudi Arabia, Argentina, Egypt, Ethiopia, Iran and United Arab Emirates will become full members on Jan. 1, said South Africa’s President Cyril Ramaphosa in a joint press conference of the BRICS leaders on Thursday at their annual summit in Johannesburg. The enlisting of new members was agreed by the leaders of Brazil, Russia, India, China and South Africa. It will be the first expansion since 2010.
An expansion of the group of emerging market powers could help boost its global heft and counter the dominance of the Group of Seven. The enlargement will see BRICS gross domestic product rise to 36% of global GDP at purchasing power parity and 46% of the world’s population, said Brazilian President Luiz Inacio Lula da Silva.
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Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
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