In a significant geopolitical development, Saudi Arabia has officially declared its membership in the BRICS+ group, a move formally announced via state TV. Riyadh had been engaged in negotiations regarding its accession to the group for several months. Last August, Foreign Minister Prince Faisal bin Farhan affirmed that the details of the move would be thoroughly assessed before a decision was made.
Foreign Minister Farhan emphasized the BRICS group’s significance as a “beneficial and important channel” for enhancing economic cooperation among its member nations. Originally consisting of Brazil, Russia, India, China, and South Africa, the BRICS group welcomed five new members on January 1. Saudi Arabia joined the group alongside Egypt, Ethiopia, Iran, and the UAE. Argentina, initially a prospective member, reversed its accession plans following the country’s presidential election won by Javier Milei late last year.
The BRICS+ group is anticipated to expand further later this year, with Venezuela expressing interest in becoming a permanent member at the next summit in Russia in October 2024. Moscow, holding the one-year rotating presidency, is committed to facilitating the harmonious integration of new partners, as stated by President Vladimir Putin. Approximately 30 other countries have already expressed their intent to participate in the group’s activities.
In an interview with the Spanish-language edition of Le Monde Diplomatique, Venezuelan President Nicolas Maduro emphasized the BRICS+ group’s importance for humanity’s future, given its substantial economic power. Maduro criticized the decision by his Argentine counterpart, asserting that scrapping the BRICS+ plans was one of the “clumsiest and stupidest things Milei has done” for the country. According to Maduro, Milei’s decision regresses Argentina to the 19th century, seeking to turn it into a “vassal of the imperial unipolar world.” The expanded BRICS, based on IMF figures, now surpasses the G7 in GDP at purchasing power parity, constituting 36% of the world total.
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