BRICS set to invite Saudi Arabia to join

BRICS intends to invite Saudi Arabia and other countries to join the bloc as it seeks to expand its global influence, Bloomberg reported. 

The BRICS account for 23% of the global GD, 42% of the world's population and 16% of world trade. The expected GDP of the Group of Seven is 21%, according to forecasts by Bloomberg Economics.  

During a summit meeting concluded in Johannesburg, South Africa, from Aug. 22 to 24, BRICS agreed to expand the group, which includes five countries: China, Russia, Brazil, India and South Africa. 

The South African Foreign Minister, Naledi Pandora, said that the leaders of the BRICS countries had agreed on mechanisms to discuss the inclusion of new members. 

More detailed information on the group expansion will be announced before the summit ends, she said.  

According to data available with Argaam, the BRICS group was established in 2009 with the participation of China, Brazil, India and Russia, with South Africa joining in 2010. 

Source : Argaam