From Morningstar:

BRICS has expanded to include 5 more countries: Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Egypt. Argentina, under new leadership, withdrew its application in December, leading to the creation of BRICS+.

First discussed as early as 2001, the BRICS acronym is now unwieldy. South Africa was the last to join, motivated in part by the desire to expand diplomatically.

The expansion reflects a new global power dynamic that is challenging the traditional dominance of the West, particularly the US. It also highlights economic superpowers like China and India while raising questions about Russia’s continued inclusion.

Joining BRICS could give countries in this group strategic leverage in the global oil market and influence within OPEC, potentially affecting global energy supply and trade ties.

The implications of BRICS expansion are not just political, but economic and financial—investor sentiment and global trade relationships will be influenced by this geopolitical shift.



Read more: Saudi Arabia Boosts the BRICS