BRICS group to double in 2024 after Saudi, Iran, UAE, Egypt, Ethiopia join ranks
BRICS, the group of emerging-market nations comprising Brazil, Russia, India, China, and South Africa, is poised to undergo a significant expansion on January 1. South Africa’s envoy to the bloc revealed that Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt have accepted invitations to join, effectively doubling the organization’s membership.
Despite its initial optimism, except for India, BRICS has underperformed compared to other emerging-market peers over the past five years. US-led sanctions have limited Russia’s appeal to foreign investors, while certain sectors in China, particularly technology companies, face sanctions and potential investment bans.
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