BRICS Expansion: 34 Countries to join the block!

As of February 1, 2024, significant developments have occurred within the BRICS bloc. Saudi Arabia, along with four other countries - Egypt, Ethiopia, Iran, and the United Arab Emirates - have confirmed their joining of BRICS. This expansion follows an invitation extended to these nations during a summit held in Johannesburg in August of the previous year.
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Saudi Arabia's addition, in particular, is noteworthy given its significant economic strength, primarily driven by its oil production. In 2022, Saudi Arabia was the world's second-largest oil producer, underscoring the economic and strategic significance of its BRICS membership. This expansion of BRICS, now often referred to as BRICS+, represents a considerable shift in global economic dynamics.
The BRICS plus countries collectively now account for 45% of the world's population, about 3.5 billion people, and almost one-third of the global GDP, estimated at approximately 29 trillion dollars. This expansion also reflects a growing trend towards de-dollarization in international trade among these nations, with moves towards using local currencies and developing alternatives to the SWIFT system for international transactions.

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