The group of emerging markets nations has welcomed five new nations—Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt—to join its crew starting January 1.
This expansion comes as part of the invitation extended by the current BRICS members—Brazil, Russia, India, China, and South Africa—to six other nations in August.
The sixth country, Argentina, was the only nation to decline the invitation, with President Javier Milei reversing his predecessor’s membership bid after assuming office this month. The expansion process will continue with the new members sending officials to a sherpa meeting scheduled in Moscow on January 30.