In a groundbreaking development, the BRICS bloc of developing nations has officially agreed to welcome Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates as new members. This historic expansion, the first in 13 years, underscores BRICS' determination to reshape what it perceives as an outdated world order.

The decision to expand was met with enthusiasm as dozens of other countries expressed interest in joining this influential grouping, viewing it as a means to rebalance the global arena.

With the inclusion of these new members, BRICS, originally composed of China, Brazil, Russia, India, and South Africa, gains substantial economic weight. This move also strengthens its mission to advocate for the interests of the Global South.

However, tensions may persist within the bloc as some members aspire to establish it as a counterweight to Western influence, particularly China, Russia, and now Iran. Others maintain close ties with the United States and Europe.

Chinese President Xi Jinping, a staunch advocate for BRICS expansion, hailed this development as "historic" and a testament to the bloc's unity and cooperation with other developing nations.

The BRICS acronym, initially coined by economist Jim O'Neill of Goldman Sachs in 2001, evolved from an informal four-nation club to its current composition in 2009 when South Africa was added in its only prior expansion.

These six new countries are set to formally become BRICS members on January 1, 2024, as announced by South African President Cyril Ramaphosa during the three-day leaders' summit hosted in Johannesburg.

President Ramaphosa expressed optimism about this expansion, stating that BRICS is embarking on a new chapter to build a fair, just, inclusive, and prosperous world. He noted that consensus has been reached on the first phase of the expansion process, with more phases to follow.