On January 1, five new countries—Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia—officially joined the BRICS group, making it ten countries strong.

The goal of the expansion, which was first planned to happen at the 15th BRICS meeting in August 2023 in Johannesburg, South Africa, is to make the group more powerful on the world stage. Argentina was asked at first, but in December they chose not to go.

BRICS adds five new members as it grows around the world.

Getting In Adding on: The BRICS group got two more members on January 1 when Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia joined.

The expansion was originally planned to happen in August 2023 in Johannesburg. Its goal is to increase the group’s impact around the world.

More power in the world: the BRICS countries now have a total population of 3.5 billion people and an economy worth more than $28.5tn, making up about 28% of the world economy.

This growth could mean a change in geopolitics, but experts aren’t sure how it will affect making decisions and the way groups work as a whole.

There are challenges and chances.

Different Points of View: Some experts warn that BRICS’s ability to make decisions may be harmed by disagreements within the group.

However, the member countries want to use the bigger group to get more developing economies to be represented and depend less on the US dollar.

Common Currency Proposal: The Brazilian president’s call for a common currency among BRICS countries in August of last year shows that the group wants to work together more on the economy.

As the current president of BRICS, Russia wants to increase the group’s importance in the global financial system by making it easier for new people to join its operations.