The BRICS leaders said in their declaration at the end of the summit that the countries, including Saudi Arabia and Iran, would be admitted from January 1, 2024.
The group wants to reduce its reliance on using the American dollar to settle global trade but has so far been incapable of producing a viable alternative.
President of China Xi Jinping, right, and South African President Cyril Ramaphosa attend the China-Africa Leaders’ Roundtable Dialogue on the last day of the BRICS Summit, in Johannesburg.However, Prime Minister Narendra Modi backed the outcome.“Adding new members will further strengthen BRICS and give it a new impetus,” he said.“BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous,” Ramaphosa said.
But there has been a rush of emerging countries applying to join, amid dissatisfaction that the current world order disproportionately favours the West.With two OPEC members among the new entrants, they would add financial heft and introduce the Islamic world to BRICS. He said Washington would be watching with more concern but that with 11 members compared to five, this would pose challenges for BRICS which operates on consensus.
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