BRICS GDP to grow by 36% following expansion

The Gross Domestic Product of BRICS is now 36 percent of global GDP and 47 percent of the world population. This follows the announcement of the six nations to the BRICS bloc.

“We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS. The membership will take effect from 1 January 2024.” announced Cyril Ramaphosa President of South Africa

India said adding the six countries shows the determination of BRICS for unity.

“India will continue to build consensus for those countries wishing to join BRICS. Expansion & modernisation of BRICS is a message that global institutions must mold themselves to changing times,” said India Prime Minister Narendra Modi

In reaction to the bloc expansion, the BRICS Sherpa said they received applications from 22 countries.

“We had applications from 22 countries. All of these countries we have taken on board had applied formally. Expansion had to happen in a structured manner,” stated Ambassador Anil Sooklal BRICS Sherpa

The Johannesburg Declaration 2 adopted at this year’s BRICS Summit here in South Africa is expected to ensure the development of BRICS nations and create more inclusive economic policies for all members.