Ethiopia, Egypt, and Three Others to Join Brics On January 1, 2024

30 December 2023
Capital FM (Nairobi)

Nairobi — Ethiopia and Egypt, along with three other nations, are set to formally join the BRICS bloc on January 1, 2024.

Originally consisting of Brazil, Russia, India, China, and South Africa, BRICS extended invitations to six additional countries in August.

While Argentina declined the invitation under President Javier Milei, who recently assumed office and reversed his predecessor's membership bid, Ethiopia, Egypt, and the three other invitees embraced the opportunity.

Senior-level representatives from these five new members actively participated in a BRICS sherpa meeting held in Durban, South Africa, earlier this month. Anil Sooklal, Pretoria's ambassador to the bloc, emphasized that their full engagement in the gathering clearly signaled their acceptance of the invitation to join, according to Bloomberg reports.

These new BRICS members will also be sending officials to a sherpa meeting scheduled to take place in Moscow on January 30. Approximately 30 other countries have expressed their interest in establishing ties with the BRICS bloc, reflecting the group's growing global influence.

Nigeria, Africa's largest economy and most populous country, is among the nations eager to become a member of BRICS. Foreign Affairs Minister Yusuf Tuggar announced in November that Nigeria intends to seek BRICS membership within the next two years. However, Nigeria's longstanding strong ties with Western nations may have contributed to its delay in joining the group.

The BRICS group has been actively working to reshape the global economic landscape, aiming to increase its economic influence and contribute to a transformation of the existing world order. Collectively, the BRICS nations represent a significant portion of the world's population, landmass, and economic output, accounting for 42%, 30%, and 24% respectively.

Despite their potential, except for India, the BRICS countries have underperformed compared to their emerging-market peers over the past five years, as noted by Bloomberg Intelligence. This underperformance has been influenced by factors such as U.S.-led sanctions, which have limited foreign investment in Russia, and certain sectors in China, particularly technology companies, facing sanctions and potential investment restrictions.

Read the original article on Capital FM.

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