On the first day of 2024, the BRICS alliance, originally composed of five economic powerhouses, welcomed two new members from the African Continent—Egypt and Ethiopia—ushering in a transformative era for the group.
The transition from BRICS to BRICS+ signifies a deliberate effort to reshape the global financial landscape, challenging the longstanding dominance of Western institutions like the International Monetary Fund and the World Bank. Beyond this, the expansion provides Egypt and Ethiopia with an amplified platform for interactions with other member nations, creating prospects for bolstered economic ties fueled by substantial investments and trade partnerships.
“Ethiopia has welcomed the invitation to be part of this important partnership platform. Its membership recognizes the rich- multilateral contribution of Ethiopia to promote international peace, security, and prosperity; and the continued commitment and leadership of Ethiopia to south-south cooperation”, read a statement from the Ethiopian Foreign Ministry.
This significant development marks a departure from the conventional global governance model, affording a voice to a more diverse array of nations. Beyond Egypt and Ethiopia, invitations extended to countries such as Iran, Saudi Arabia, and the United Arab Emirates elevate the BRICS membership from five to ten.
As a reminder BRICS was formed in 2010 by the addition of South Africa to the BRIC named after the first letter of founding countries Brazil, Russia, India, and China. According to experts, the strengthened BRICS alliance not only represents a numerical expansion but also inaugurates a new chapter in global geopolitics, promising shifts in economic dynamics and diplomatic influence.
BRICS Welcomes Two New Members from Africa
