A gaggle of buying and selling nations often known as BRICS, which is hoping to rival the G7, is ready to develop in dimension after inviting six new international locations to hitch - together with Iran and Saudi Arabia.
BRICS - which has, till now, comprised of Brazil, Russia, India, China, and South Africa - introduced the proposed enlargement on the group's three-day summit in Johannesburg.
The bloc has invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to hitch. They can be formally admitted on 1 January 2024.
BRICS, based in 2009, hopes to champion 'the worldwide South' and function a counterweight to the politically dominant G7 nations. The G7 consists of the UK, US, Canada, France, Italy, Japan and Germany.
BRICS officers have argued towards issues the bloc is growing an anti-West place below the affect of China and Russia.
Its 5 founding international locations are house to 40% of the world's inhabitants and answerable for greater than 30% of world financial output.
Read extra:Ukraine latest: Prigozhin jet 'downed by bomb in wine crate'
'A brand new chapter for growing international locations'
South African President Cyril Ramaphosa instructed the summit: "BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous."
"This membership expansion is historic," China's President Xi Jinping mentioned following the announcement. "It shows the determination of BRICS countries for unity and cooperation with the broader developing countries."
The enlargement is BRICS' first however appears unlikely to be the final, because the group says one other 16 nations have additionally formally requested to hitch.
"We have consensus on the first phase of this expansion process and other phases will follow," Ramaphosa mentioned at a media briefing.
Four out of the 5 BRICS leaders are in Johannesburg for the annual summit.
Putin assaults West - remotely due to arrest danger
Vladimir Putin didn't journey after the International Criminal Court issued a warrant for his arrest for the kidnapping of youngsters from Ukraine in March.
Russia has as a substitute been represented in Johannesburg by Foreign Minister Sergei Lavrov whereas Putin delivered a 17-minute pre-recorded video address on Tuesday.
All eyes are presently on Russia amid the declare by authorities there that Wagner mercenary group chief Yevgeny Prigozhin has been killed in a plane crash, however Putin has but to acknowledge the studies.
In a second BRICS summit look by way of video, the president promised that Moscow will deepen its ties with African international locations and be a dependable provider of meals and gas - earlier than taking goal at Western powers and 'neo-liberalism'.
Putin additionally mentioned Russian gas provides will help African nations in retaining worth rises to a minimal and mentioned the worldwide transition to a low carbon emission financial system should be "gradual, balanced, carefully calibrated".
He then claimed former colonial Western powers "seek to solve their problems at the expense of others, continuing to shamelessly siphon resources from developing countries".
"They are trying to replace the system of international law with their own so-called 'order' based on rules that no one has seen," he claimed.
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