Which group is it and which international locations have joined?

Saudi Arabia, together with 4 different nations, has joined the BRICS alliance of main growing international locations.

Saudi membership was scheduled to start on January 1, however there was a delay in its affirmation.

The BRICS group needs to provide rising international locations extra affect in worldwide politics.

In 2006, Brazil, Russia, India and China shaped the BRIC group. South Africa joined in 2010, making the group the BRICs.

The group's purpose was to carry collectively the world's main growing international locations to problem the political and financial energy of the richer nations of North America and Western Europe.

Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) have been invited to turn out to be members efficient January 1, 2024.

The group units priorities and makes choices at an annual summit. Members take turns to carry the presidency for one 12 months.

The identify of the expanded group has not but been introduced, however could possibly be “Brics +”.

The BRICS international locations embody main world powers comparable to China and Russia in addition to influential international locations on their continent comparable to South Africa and Brazil.

Nevertheless, the group argues that Western nations dominate key world organizations such because the Worldwide Financial Fund and the World Financial institution, which lend cash to governments.

In 2014, the BRICS international locations based the New Improvement Financial institution to lend cash for infrastructure growth.

Based on Professor Padraig Carmody of Trinity Faculty Dublin, that is China's essential purpose for the BRICS international locations.

“Via the BRICS international locations, China is attempting to extend its energy and affect – particularly in Africa,” he says. “China needs to be the main voice of the worldwide south.”

The opposite main world energy within the group pursues a distinct purpose:

“Russia sees [Brics] as a part of its combat in opposition to the West to assist it overcome the sanctions imposed after the invasion of Ukraine,” says Creon Butler of the London-based assume tank Chatham Home.

Iran's membership may reinforce the anti-Western character of the BRICS states, he provides.

The US greenback is usually used for commerce between international locations.

Leaders in Brazil and Russia have proposed making a BRICS foreign money to scale back the dominance of the greenback, however this was not a difficulty on the group's summit in 2023.

Due to the nice variety of their economies, it might be impractical for the BRICS international locations to introduce a standard foreign money, says Professor Carmody.

Nevertheless, he says it’s doable that “sooner or later they might take into account creating a brand new foreign money for worldwide commerce funds or a cryptocurrency for worldwide commerce.”

The G20 group was based in 1999 to encourage developed and growing international locations to debate world points.

Nevertheless, the BRICS group additionally consists of many international locations which might be a part of the G20.

Sooner or later, they might work collectively in tandem, says Dr. Irene Mia of the assume tank Worldwide Institute for Strategic Research.

“Collectively they might work to make sure that growing international locations have extra money to fight local weather change,” she says.

Russia will host the 2004 BRICS Summit in Kazan in October.

“With the assistance of the BRICS international locations, Russia needs to indicate the West that regardless of the invasion of Ukraine, it nonetheless has pals and allies in the remainder of the world,” says Dr. Mia.