New BRICS have a combined share of 36% of the World GDP

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The Gross Domestic Product of BRICS is now 36 percent of global GDP and 47 percent of the world population

The Gross Domestic Product of BRICS is now 36 percent of global GDP and 47 percent of the world population. This follows the announcement of the six nations to the BRICS bloc, such as the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates to become full members of BRICS. The membership will take effect from 1 January 2024. BRICS has got applications from 22 countries.

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India said adding the six countries shows the determination of BRICS for unity. India will continue to build consensus for those countries wishing to join BRICS. Expansion and modernization of BRICS is a message that global institutions must transform themselves to changing times, said Indian Prime Minister Narendra Modi.

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The Johannesburg Declaration 2 adopted at this year’s BRICS Summit here in South Africa is expected to ensure the development of BRICS nations and create more inclusive economic policies for all members.