In a significant development, Saudi Arabia, the United Arab Emirates, Iran, Argentina, Egypt, and Ethiopia have officially become part of the BRICS alliance. This move follows the inclusion of Saudi Arabia, UAE, and Iran into BRICS, resulting in these member nations collectively commanding a staggering 80% of the worldwide oil production.
The acronym “BRICS” stands for a coalition of the planet’s swiftest-expanding economies, poised to exert substantial influence over the global economy by the year 2050.
Originally comprising Brazil, Russia, India, China, and later South Africa in 2010, this grouping has now expanded to encompass additional nations such as Saudi Arabia, the UAE, Iran, Argentina, Egypt, and Ethiopia.
This amalgamation of economies signifies a pivotal shift in the global economic landscape, as these countries collectively consolidate their economic prowess and resource dominance.