The group of emerging economies, BRICS, decided on Thursday to officially invite Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and the United Arab Emirates to join the bloc.
During his opening remarks in the third session of the XV BRICS summit, South African President Cyril Ramaphosa stated that the integration into the bloc will be effective as of January 1, 2024. In addition, Ramaphosa noted that all current members agreed to approve the final declaration of the event, the Johannesburg II Declaration.
Finally, the group officially instructed the finance ministers and central bank governors to consider the issue of local currencies, payment instruments, and platforms and to report back to the BRICS leaders by the following summer.