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. Before we dive deeper, would you mind showing some love by hitting the like button? It really helps us reach more amazing viewers like you. A huge thank you for your support! 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.