The 2024 BRICS summit now includes five countries Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The new member of BRICS was officially confirmed by South Africa’s Foreign Minister Naledi Pandor. The new members were invited to join the present BRICS countries of Brazil, Russia, China, India, and South Africa.
The expansion of BRICS is vital and will help to modernize a worldwide system. South Africa is the member state id BRICS and according to the state, around thirty countries have expressed interest in joining the BRICS economic bloc, which is supported by China and Russia.
The countries have expressed great interest in joining this group of significant growing economies; however, the identities of the participating countries are not revealed.
Here another thing to note is, that Russia which is currently serving as the alternating chairman of BRICS, is in charge of the applications. BRICS expanded to five more countries, the group’s first expansion in more than ten years.
The BRICS economic group stands for Brazil, Russia, India, China, and South Africa and was first formed with the intent of economic reach. It presents itself as the Global South’s answer to the big industrialized nations of the Group of Seven (G7).
However, a lot view the state of China and Russia in the rising BRICS membership as a reflection of their progress in changing what they regard as an unfairly US-dominated international system, particularly in light of their escalating tensions with Washington and the West.
China is the economic strength and under the direction of Xi Jinping, China has been a major force behind the growth of BRICS. By revitalizing relations with major economies and players, the 2024 BRICS summit seeks to strengthen the power.
The state of Russia benefits from the constant growth of the BRICS and the nonstop interest from many other nations. Particularly since it invaded Ukraine, the nation has experienced political and economic isolation from the West. Russia has been sanctioned, cut off, and confronted with several differences afterward.
Importance Of The 2024 BRICS Summit 
The name BRICS, which stands for Brazil, Russia, India, China, and South Africa is not a mere collection of major economies but a group that has incredible impacts on international political and economic dynamics and this is what makes it significant.
To begin with, together, the BRICS countries make up a large portion of the world’s population and landmass. The BRICS are a group of states that comprise major players like China and Russia along with powerful countries in their respective areas like Brazil and South Africa.
Approximately 3.5 billion people, or 45% of the world’s population, live in these countries collectively. Almost 28% of the world economy, or over $28.5 trillion, is accounted for by their combined economies.
About 44% of the world’s crude oil is produced by the BRICS major economies, which also include Iran, Saudi Arabia, and the United Arab Emirates.
- These nations in the 2024 BRICS summit are highly influential economically and make substantial contributions to both the global GDP1 and business.
- BRICS expanded aspects add to a more comprehensive and diverse global economic environment as the states open up new channels for economic cooperation by nurturing trade ties that benefit each other.
- Moreover, Investments made by member of BRICS bloc have the potential to boost economic growth and stability.
- Another important factor is the political strength and the ability to speak with one voice. It enables the BRICS group to handle collective issues and promote their interests on an international scale.
- To support sustainable development, member countries can finance infrastructure projects through the BRICS New Development Bank (NDB). Infrastructure spending supports both local and global economic expansion.
- Most importantly, The BRICS economic group or member of BRICS is evolving into hubs for technical innovation.
- Scientific, technological, and research collaboration result in a step forward that benefits member nations and the international community.
To cut a long story short, the significance of BRICS is rooted in its ability to modify the worldwide political and economic structure. Through promoting collaboration, tackling common issues, and pushing for greater inclusivity globally, BRICS play a role in creating a more equitable and thriving global community.
Nevertheless, before being formally accepted, the January 1st planned membership of Saudi Arabia in BRICS was postponed. The 2024 BRICS summit alliance seeks to increase the influence of developing nations in international affairs.
Furthermore, President Vladimir Putin of Russia has a great chance to reverse the isolation from War sanctions as he now serves as the chair of the BRICS economic group. It allows him to project himself as an important figure on a broad international stage.
Putin has a platform to interact with foreign leaders and establish Russia’s dominance because hosting the annual summit usually brings leaders from around the world to the host country.
If we talk about the strength of this economic bloc, BRICS expanded members reinforce the body by bringing significant Gulf economies that produce oil into the fold. It happens as China and Russia strengthen their connections with Iran, which is subject to sanctions. The year prior, Beijing was involved in helping Saudi Arabia and Iran, two long-standing enemies, mend their relations.
The organization of the 2024 BRICS summit is stressing greater financial and diplomatic cooperation at the moment that the new members join.
The BRICS group’s financial ministers are actively working together to encourage the use of local currencies for cross-border transactions and international payment networks.
Within the 2024 BRICS summit framework, this initiative represents a step toward more financial sovereignty and decreased reliance on foreign currencies.
