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The idea of creating a BRICS common currency to rival the dollar has long been on the agenda of the emerging-market nations in the bloc. 6 new nations are set to join BRICS.
In 2022, Argentina formally submitted an application for BRICS membership under Alberto Fernández's government. Argentina was invited to join at the subsequent 2023 summit, but the country declined the offer to join the bloc in the aftermath of pro-Western Javier Milei's victory in that year's presidential election. [17]
Six new countries including Saudi Arabia have been invited to join the Brics bloc of developing nations, South Africa has announced, after three days of closed-door discussions between members ...
The BRICS bloc of developing nations agreed on Thursday to admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates in a move aimed at accelerating its push to reshuffle a ...
BRICS countries committed to study the feasibility of a new common currency or similar, at the 2023 BRICS summit in South Africa. [ 146 ] [ 147 ] [ 148 ] Fair and easier international trade , as well as a major reduction in costs of transactions , would be some of the reasons for the countries to forge a currency union.
The 2023 BRICS summit was the fifteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states: Brazil, Russia, India, China, and South Africa. [2] [3] South African President Cyril Ramaphosa also invited the leaders of 67 countries to the summit. [4]
The 2024 BRICS summit was the sixteenth annual BRICS summit, held in Kazan, Russia. It was the first BRICS summit to include Egypt , Ethiopia , Iran , and the United Arab Emirates as members, following their accession to the organization at the 15th BRICS summit .
Six new BRICS countries were invited during the 2023 summit last August. Among those invited only Argentina declined to join, following the election of a new far-right administration.