Iran, Saudi Arabia, Egypt, the UAE, Argentina and Ethiopia will join BRICS, said South African President Cyril Ramaphosa. The six countries are expected to become members starting 1 January, 2024.

What Is BRICS?

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O’Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy. South Africa was added to the list in 2010.

The countries in BRICS operate as a loose organization that seeks to further economic cooperation amongst member nations and increase their economic and political standing in the world.

#currentAffairs 25 August 2023