On August 24, 2023, the BRICS economic bloc concluded its 15th annual summit in Johannesburg, South Africa, announcing invitations to six countries to become full members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The expansion, effective January 1, 2024, transforms the five-nation group into an 11-member coalition of major emerging economies.
Expansion Consensus
South African President Cyril Ramaphosa declared: "As the five BRICS members, we have reached agreement on the guiding principles, standards, criteria, and procedures of the BRICS expansion process. We have consensus on the first phase." In a post on X, he emphasized that BRICS is "a diverse group of nations, an equal partnership of countries that have differing views but a shared vision for a better world." The summit adopted the "Johannesburg II Declaration," confirming Russia will assume the 2024 BRICS Chairship and host the XVI Summit in Kazan.
Chinese President Xi Jinping stated: "We will forge stronger BRICS strategic partnership, expand the 'BRICS Plus' model, actively advance membership expansion, deepen solidarity and cooperation with other emerging markets and developing countries, promote global multipolarity and greater democracy in international relations." Russian President Vladimir Putin added that "the irreversible process of de-dollarization is gaining steam."
New Member Profile
The six invitees span crucial regions: Saudi Arabia and the UAE are among the world's top oil exporters; Iran possesses vast energy reserves; Egypt and Ethiopia are fast-growing African markets; Argentina is Latin America's third-largest economy. BRICS had received formal membership applications from 23 countries prior to the summit. The expansion is widely seen as strengthening the bloc's aggregate GDP, which already surpasses that of the G7 on a purchasing power parity basis. The declaration also instructed foreign ministers to develop a partner country model and a list of prospective candidates for future rounds.
De-dollarization and Geopolitical Impact
Putin's remarks on de-dollarization reflect a broader trend among BRICS nations to promote trade in national currencies and explore alternative payment systems. The inclusion of major energy exporters like Saudi Arabia and Iran could accelerate the shift away from dollar-denominated oil transactions. While analysts note that BRICS expansion does not explicitly target Western dominance, it underscores rising demand from the Global South for a more multipolar international order. Russia's upcoming presidency in 2024 is expected to further prioritize financial sovereignty and infrastructure connectivity initiatives.