BRICS to control 30% of world’s GDP
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FILE PHOTO: China's Vice Foreign Minister Ma Zhaoxu, Brazil's Foreign Minister Mauro Vieira, South Africa's Foreign Minister Naledi Pandor, Russia's Foreign Minister Sergei Lavrov and India's Foreign Minister Subrahmanyam Jaishankar attend a BRICS foreign ministers' meeting in Cape Town, South Africa, June 1, 2023. REUTERS/Nic Bothma/File Photo
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates will officially become full members of emerging economies bloc BRICS, which stand for Brazil, Russia, India, China and South Africa.
South Africa’s President Cyril Ramaphosa, who announced the consensus decision during a Heads of State press briefing on the last day of the 15th BRICS Summit held in Johannesburg, South Africa, said membership of the six nations will take effect January 1, 2024.
The addition now means that the BRICS economic bloc will cumulatively control at least 30 percent of the global GDP with China leading the pack with a GDP of US$19.3trillion, followed by India at US$3.7trillion, Brazil US$2.1trillion, Russia at US$2trillion, Saudi Arabia US$1trillion and Argentina at US$0.6trillion.
