Saudi Arabia, UAE, and Iran Join BRICS
- Publish date: Friday، 25 August 2023 | Last update: Thursday، 12 October 2023
BRICS is an acronym for a group of five world economies including Brazil, Russia, India, China, and South Africa.
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Saudi Arabia, UAE, and Iran have been invited to become members of the BRICS, a group of world economies including Brazil, Russia, India, China, and South Africa.
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The expansion is the first in more than a decade. Other than these countries, Egypt, Ethiopia, and Argentina have also been invited.
South African President Cyril Ramaphosa shared that the new memberships will take effect from Jan. 1, 2024.
In a video message, Russian President Vladimir Putin said "I would like to congratulate the new members who will work in a full-scale format next year...we will continue the work that we started today on expanding the influence of BRICS in the world."
At the BRICS summit in Johannesburg, Foreign Minister of Saudi Arabia Prince Faisal bin Farhan shared that the total bilateral trade between Saudi Arabia and BRICS exceeded $160 billion in 2022.
The Foreign Minister also affirmed that Saudi Arabia will continue to be a safe and reliable source of energy suppliers.