Brazil welcomes six new Brics members

"The relevance of Brics is underscored by the increasing interest from other nations in seeking membership. In line with South African President Cyril Ramaphosa's remarks, Brazil warmly welcomes Saudi Arabia, Argentina, Egypt, the United Arab Emirates, Ethiopia, and Iran to the Brics," President Luiz Inácio Lula da Silva shared on his social media channels, following the announcement of the new countries' membership, released today in Johannesburg, the venue of the 15th Brics summit. 

"Many skeptics argued that Brics, given its differences, couldn't establish a shared vision. Yet, experience has proven them wrong. Our diversity empowers our pursuit of a new world order that embraces the economic, geographical, and political diversity of the 21st century," emphasized Lula.

The Brazilian president extended a special acknowledgment to Argentine President Alberto Fernández, noting him as "a great friend of Brazil and the developing world." Lula stated: “We will continue to move forward side by side with our Argentinian brothers in yet another international forum."

The formal inclusion of the new members was ratified through the Johannesburg Declaration—a document endorsed by the current Brics members, namely Brazil, Russia, India, China, and South Africa, during their meeting in South Africa.

"The updated composition will come into effect on January 1, 2024," President Ramaphosa confirmed, emphasizing the alliance's appreciation for the keen interest expressed by other countries in forging partnerships with Brics.

"Brics remains committed to welcoming new members," Lula affirmed in a press release alongside Ramaphosa and fellow leaders. The current member countries of the bloc have also revealed their intention to establish clear criteria for the admission of future nations.

Common currency

In the summit's concluding statement, an accord was reached regarding the central banks and the finance and economy ministries of each member country. They will conduct comprehensive studies to explore the potential adoption of a shared reference currency for international trade within the bloc. The Brazilian president noted, "This measure has the potential to expand our payment alternatives and reduce our vulnerabilities."

Another consensus involved the group's commitment to persistently advocate for global governance reform, with a specific emphasis on reform within the United Nations Security Council.

"We will remain advocates for matters directly affecting the well-being of our populations, such as eradicating hunger and poverty, and promoting sustainable development. We are committed to addressing all forms of inequality and discrimination. May Brics persist as a catalyst for a more equitable world order and an essential contributor to the promotion of peace, multilateralism, and the defense of international law," declared Lula.

The 15th Brics Summit of Heads of State concludes on Thursday (24) after two extended sessions, featuring participation from member nations and other invited countries.

Following the conclusion of the summit, President Lula will embark on a state visit to Angola. Subsequently, he will journey to São Tomé and Príncipe to participate in the conference of heads of state of the Community of Portuguese Speaking Countries (CPLP).