{"id":58875,"date":"2024-01-02T15:59:10","date_gmt":"2024-01-02T15:59:10","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members"},"modified":"2024-01-02T16:40:36","modified_gmt":"2024-01-02T16:40:36","slug":"brics-doubles-with-five-new-members","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members","title":{"rendered":"BRICS doubles with five new members"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Membership of the BRICS group of emerging-market nations has doubled, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt having joined its ranks on 1 January 2024, South Africa\u2019s envoy to the bloc said.<\/p>\n

Current members Brazil, Russia, India, China and South Africa in August invited six other nations to become part of their group, pairing some of the planet\u2019s largest energy producers with some of the biggest consumers among developing countries.<\/p>\n

Only Argentina declined the invitation after President Javier Milei, who took office this month, reversed his predecessor\u2019s membership bid.<\/p>\n

The five invitees sent senior-level representatives to a BRICS sherpa meeting in Durban, South Africa, earlier this month, and they fully participated in the gathering, \u201ca clear indication that they have accepted the invitation\u201d to join, Anil Sooklal, Pretoria\u2019s ambassador to the bloc, said in an interview Friday.<\/p>\n

The new members will also send officials to a sherpa meeting in Moscow on 30 January, he said.<\/p>\n

\u201cBRIC\u201d was coined in 2001 by economist Jim O\u2019Neill, then at Goldman Sachs, to draw attention to strong economic growth rates in Brazil, Russia, India and China.<\/p>\n

The term was intended as an optimistic scenario for investors amid market pessimism following the terrorist attacks in the US on 11 September that year.<\/p>\n

The group held its first leaders\u2019 summit in 2009 and invited South Africa to join a year later, adding another continent and the letter \u201cS\u201d.<\/p>\n

About 30 countries want to establish ties with the bloc, Russian Foreign Affairs Minister Sergey Lavrov was cited by news agency Tass as saying this week.<\/p>\n

Nigeria, Africa\u2019s most populous nation, will seek to become a member of BRICS within the next two years, Minister of Foreign Affairs Yusuf Tuggar said in November.<\/p>\n

Except for India, the BRICS have underperformed their emerging-market peers over the last five years, according to Bloomberg Intelligence.<\/p>\n

US-led sanctions have put Russia off limits for many foreign investors, and some sectors in China \u2013 especially technology companies \u2013 have also been sanctioned or face potential investment bans.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Membership of the BRICS group of emerging-market nations has doubled, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt having joined its ranks on 1 January 2024, South Africa\u2019s envoy to the bloc said. Current members Brazil, Russia, India, China and South Africa in August invited six other nations to […]<\/p>\n","protected":false},"author":84,"featured_media":58874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12,377],"tags":[274,315,275],"class_list":["post-58875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBRICS doubles with five new members - South Africa<\/title>\n<meta name=\"description\" content=\"Membership of the BRICS group of emerging-market nations has doubled, with Saudi Arabia, Iran, the United Arab Emirates, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BRICS doubles with five new members\" \/>\n<meta property=\"og:description\" content=\"Membership of the BRICS group of emerging-market nations has doubled, with Saudi Arabia, Iran, the United Arab Emirates, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-02T15:59:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-02T16:40:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704200935.475874.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BRICS doubles with five new members\",\"datePublished\":\"2024-01-02T15:59:10+00:00\",\"dateModified\":\"2024-01-02T16:40:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members\"},\"wordCount\":353,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704200935.475874.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/brics-doubles-with-five-new-members\",\"name\":\"BRICS doubles with five new members - 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