BRICS economic group welcomes Argentina, five other countries

The emerging economies coalition BRICS extended membership to six new countries as its three-day summit wrapped up Thursday morning in South Africa. The inductees included the Middle Eastern countries of Saudi Arabia, Iran, and the United Arab Emirates. Argentina, Egypt, and Ethiopia were also granted membership. BRICS represents founding members Brazil, Russia, India, and China as well as longtime member South Africa. The bloc members currently account for 40 percent of people globally, with that share set to increase. It serves as a facsimile of Western-led blocs like the Group of Seven leading industrial nations.

What was discussed at the conference? Many anti-West sentiments were shared, specifically by Russian and Chinese leaders. A speech written by Chinese President Xi Jinping made allusions to the United States, accusing it of intentionally crippling the economies of developing countries. Russian President Vladimir Putin attended virtually due to the International Crime Court’s active warrant against him.

Dig deeper: Read David Skeel’s report on how BRICS may affect the U.S. dollar value.