BRICS (Brazil, Russia, India, China and South Africa) is an alternative strategic platform for boosting cooperation between developing countries as traditional institutions of international economy management lose credibility, Brazilian President Luiz Inacio Lula da Silva said on September 19 at the 78th session of the UN General Assembly.
The recent decision taken by the group of five countries to invite new members to cooperate in the BRICS format after the Johannesburg summit in August helps “strengthen efforts for the order that would reflect economic, geographical and political pluralism of the 21th century,” the leader said. “We are a power that works on establishing fairer global trade in the light of the severe crisis of multisided institutions,” he pointed out.
The decision on Argentina, Egypt, Iran, the UAE, Saudi Arabia and Ethiopia becoming full members of BRICS was taken at the BRICS summit that took place in Johannesburg under South Africa’s chairmanship in late August. The membership will take effect from January 1, 2024.