Browsing: BRICS Egypt

• Egypt and Ethiopia have been onboarded into the BRICS bloc.
• BRICS has announced increased investment and trade with Africa.
• Africa stands to gain with increased representation in BRICS.

The presence of BRICS in Africa has grown exponentially with the onboarding of two of the continent’s most populous economies, Egypt and Ethiopia. This move is poised to give Africa a much larger representation in the growing economic formation even as other economies, such as Kenya, express interest in joining the BRICS ecosystem.

“The expansion of BRICS in 2024 has undoubtedly increased Africa’s weight in international affairs and contributed to the ongoing discussion on the complexities of multipolarity,” reports Daria Zelenova, Head of the BRICS African Strategy Centre and Institute for African Studies.

In the wake of the 16th BRICS in Kazan, Russia, Zelenova said, “The development of strategic and commercial ties between BRICS and Africa reflects the pragmatic interest in the …

• Egypt and Ethiopia will join BRICS alongside Saudi Arabia, Iran and Argentina starting January 1st, 2024.
• This takes membership into the bloc to three countries across the continent after South Africa.
• With the inclusion of Iran, Saudi Arabia, and the UAE, three major oil-producing nations globally will become part of the bloc.

Egypt and Ethiopia alongside oil-rich Saudi Arabia, Iran and Argentina have received an invite to join the BRICS bloc, originally formed by Brazil, Russia, India, and China in 2009. The momentous shift could reshape the global economic landscape and will take effect 1st January 2024.

Notably, this expansion comes at a time when geopolitical tensions between the West and the East have been escalating. In particular, the inclusion of Iran and Saudi Arabia in the BRICS bloc indicates a strengthening of the China-Russia-led coalition that could challenge the influence of Western powers.

South African President Cyril Ramaphosa, who …