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- The UAE is going to join the BRICS
The UAE is going to join the BRICS in 2024
– This was announced at the organization's summit in Johannesburg, South Africa.
BRICS is an acronym for a group of 5 major developing countries, each possessing substantial weight in the international community – Brazil, Russia, India, China, and South Africa.
It was founded to foster economic growth, enhance geopolitical influence, and collectively address global challenges. The cooperation covers: agriculture, healthcare, information security, science, innovation, etc.
The new membership will be effective from January 1, 2024, and includes:
- Argentina
- Egypt
- Ethiopia
- Iran
- Kingdom of Saudi Arabia
According to the IMF World Economic Outlook, with the new members, the share of the BRICS in world's GDP in terms of purchasing power in 2024 will grow by 4.8% – to 37.4%.
The UAE will be able to diversify its economic partnerships, and benefit from increased trade and investment opportunities within the BRICS framework.
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