Last year, the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join…reports Asian Lite News
Nigeria has been admitted as a “partner country” of the BRICS bloc of developing economies, according to Brazil, the group’s chair. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialized nations.
Last year, the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join. Turkey, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest.
Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. “With the world’s sixth-largest population — and Africa’s largest — as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS,” Brazil’s government said in a statement Friday.
“It plays an active role in strengthening South-South cooperation and in reforming global governance — issues that are top priorities during Brazil’s current presidency.”
President-elect Donald Trump last year threatened 100% tariffs against BRICS if they act to undermine the U.S. dollar. The bloc’s leaders have voiced their commitment to introduce an alternative payment system that would not be dependent on the dollar.
Earlier this month, Brazil announced that Indonesia has become a full member of the BRICS group. Brazil, which holds the presidency of the BRICS in 2025, said that Indonesia’s candidature was endorsed by leaders of the bloc at the Johannesburg summit in 2023.
In a statement, the Brazilian Foreign Ministry welcomed Indonesia for its entry into BRICS. It said that Indonesia and other BRICS members support the reform of the global governance institutions.
“The Brazilian government welcomes Indonesia for its entry into BRICS. As the largest economy and most populous nation in Southeast Asia, Indonesia shares with other BRICS members the support for the reform of the global governance institutions and contributes significantly to the deepening of Global South cooperation, priorities that align with Brazil’s theme for its presidency: “Enhancing Global South Cooperation for a More Inclusive and Sustainable Governance,” Brazilian Foreign Ministry said in a statement.
Indonesia formally notified the group of its interest in joining BRICS only after the establishment of its new government. In 2024, the BRICS nations approved by consensus Indonesia’s membership in line with the guiding principles, criteria, and procedures for expansion agreed upon in Johannesburg, according to the statement.
BRIC, as a formal grouping, started after the meeting of the Leaders of Russia, India and China in St Petersburg on the margins of G8 Outreach Summit in 2006. The grouping was formalized during the first meeting of BRIC Foreign Ministers on the margins of UNGA in New York in 2006.
The first BRIC Summit was held in Russia’s Yekaterinburg in 2009. It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers’ meeting in New York in 2010.
South Africa attended the 3rd BRICS Summit in Sanya in 2011. A further expansion of BRICS took place in 2024 with five new members – Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The 16th BRICS Summit was being held under Russia’s chairmanship in Kazan in 2024.
Trump threatens BRICS with 100% tariffs
US President-elect Donald Trump on Saturday threatened the BRICS nations, including India, with 100 per cent tariffs and called for a clear commitment from these countries to refrain from creating a new currency or supporting any other currency to replace the US dollar.
Taking to the social media platform Truth Social, Trump stated that the idea of BRICS nations trying to move away from the dollar while the US stood by and watched was “over.”
He further warned that any country attempting to replace the USD would also lose access to the US market, adding that such countries would need to find “another sucker” if they pursued such actions.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another “sucker!” Trump said.
“There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” he added.
Trump’s statement came after Russian President Vladimir Putin proposed creating a new investment platform for BRICS countries during the BRICS summit in Kazan in October, as reported by Reuters. This development could signal a move toward reduced dependence on the US dollar.
“We propose to set up a new investment platform of BRICS,” Putin said, addressing the plenary session of the BRICS Summit.
“We need to jointly promote the low-emission model of the economy. New BRICS global investment platform to provide financial resources for all countries of the Global South,” the Russian President added, as quoted by Reuters.
As of now, BRICS has two financial platforms: the New Development Bank, headquartered in Shanghai, and the Contingent Reserve Arrangement.
The New Development Bank mobilises resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries to supplement existing efforts of multilateral and regional financial institutions for global growth and development.
The Contingency Reserve Arrangement is a short-term liquidity support for the BRICS members through currency swaps to help mitigate the balance of payment crisis in case such a situation arises and thus further strengthens financial stability.
The BRICS group consists of five core members–Brazil, Russia, India, China, and South Africa–and in 2024 welcomed Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia as full members.
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