During the 15th BRICS summit, 5 member grouping has invited 6 countries to become new members.
Region |
Countries |
West Asia |
Iran, Saudi Arabia and United Arab Emirates |
Africa |
Egypt and Ethiopia |
Latin America |
Argentina |
Countries |
Importance |
Saudi Arabia |
35% of the oil production goes to China and India |
Iran |
Increased oil production despite US sanction, most of it goes to China |
Egypt and Ethiopia |
They are an important presence in the strategically important Horn of Africa and the Red Sea. |
Argentina |
2nd largest economy in Latin America |
Russia |
Major oil supplier to China and India, now looking at Brazil as market |
To know more about the need for BRICS expansion and common currency, click here
References