Expansion of BRICS and G20
In August, BRICS, the grouping of major emerging economies of Brazil, Russia, India, China and South Africa, agreed to invite six additional countries — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates — to become full BRICS members on Jan 1, 2024.
The enlarged BRICS grouping represents more than 40 percent of the world's population, 25 percent of the global gross domestic product, and one-third of the planet's economic growth.
Similarly, G20 members granted permanent membership to the 55-member state group African Union in September.
The expansion of BRICS and G20 groups signifies that the Global South, comprising emerging market economies and developing countries, is striving to bring about transformative changes on the world stage, global observers say.
