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Saudi Arabia, Egypt, UAE, Iran and Ethiopia Join the Ranks of BRICS
As the world rang in the new year, a Chinese and Russian led group of emerging economies welcomed several new members. Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia have officially become the newest members of BRICS. The addition of Tehran was a surprise to many, especially owing to its long-standing rivalry with both Abu Dhabi and Riyadh, though all sides have been trying to mend ties recently. The alliance has also managed to bring together Egypt and Ethiopia, another pair mired in a dispute over the flow of the Nile River.
With the latest additions, BRICS now consists of 10 states. Formed in 2009, the original members Brazil, Russia, India and China, later added South Africa in 2010. The group's main objective has been to boost economic cooperation and trade among member countries. But many have called the bloc the biggest geopolitical rival to the G7, a group of advanced economies. The addition of traditionally strong western allies like Egypt, Saudi Arabia and the UAE have boosted those claims. Last year Brazil's president Lula da Silva called on BRICS nations to create a common currency, which could dethrone the US dollar's dominance, and its ability to unilaterally impose economic sanctions.
Guests:
Anil Trigunayat
Former Indian Ambassador
Suha Cubukcuoglu
Senior Fellow at Trends Research
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