Speaker Nosiviwe Mapisa-Nqakula and National Council of Provinces chairperson Amos Masondo have lauded the expansion of BRICS as a strategic maneuver that will significantly bolster trade and investment opportunities within emerging economies.
This expansion, they noted, holds great promise for countries in the Global South and is poised to foster increased partnerships and economic prospects.
In a noteworthy development, President Cyril Ramaphosa unveiled Saudi Arabia, Iran, Argentina, Egypt, Ethiopia, and the United Arab Emirates as the new additions to the BRICS bloc. These countries are set to assume full membership status starting from January of the coming year.
The decision to expand BRICS has garnered approval from observers who foresee an amplification of the bloc’s influence in the realm of global trade. The expansion, it is emphasized, is not intended to directly compete with the G7 or the West, as the leaders of BRICS have clarified.
Among the multitude of countries expressing interest in joining BRICS, the organization chose to initiate the first phase of expansion by incorporating six nations during the Sandton summit. Mapisa-Nqakula and Masondo have welcomed this move, asserting that it will fortify trade within emerging economies.
They jointly conveyed, “We commend the collective decision to expand the BRICS family by welcoming new member states, including Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. This expansion signifies BRICS’ dedication to inclusivity, diverse perspectives, and shared development. The benefits of this expansion ripple not only across Africa but resonate globally, particularly for developing nations, emerging markets, and the advancement of multipolarism.”
BRICS Expansion Will Promote Cooperative Development
Furthermore, they emphasized that the expanded BRICS holds the potential to promote cooperative development, spur innovation, and enhance economic bonds.
The inclusion of new member states, according to them, ushers in fresh opportunities for harnessing collective strengths to address economic disparities, nurture sustainable growth, and amplify the voices of developing nations on the international stage.
As the summit concludes, focus now turns to the upcoming BRICS Parliamentary Forum Assembly scheduled for September in Johannesburg. This forum will witness the participation of parliaments from the six new member nations, further cementing the collaborative spirit of BRICS’ expansion.