BRICS set to invite Saudi Arabia, 2 other nations to join the bloc

The BRICS is all set to invite Saudi Arabia to join bloc, Bloomberg News reported on Thursday.  People familiar with the development also told the news agency that Egypt is another nation being invited to join, along with others in the Middle East. 

Saudi Arabia and Egypt have not publicly stated their position on potentially joining BRICS, although Riyadh sent a delegation to the meeting.

Three sources with knowledge of an agreement between BRICS leaders meeting at a summit in Johannesburg, South Africa told Reuters that the group had come to a consensus on admitting new members with some expected to be formally invited on Thursday.

South Africa's President Cyril Ramaphosa was due to deliver an address Thursday morning stating the summit's outcomes.

Why Modi is opposing a bigger BRICS?

The push for expansion came from China mostly, who want to create a world order to challenge the western dominance. It also received support from Russia and South Africa.

"The world ... has entered a new period of turbulence and transformation," China's President Xi Jinping said on Wednesday. "We, the BRICS countries, should always bear in mind our founding purpose of strengthening ourselves through unity."

Meanwhile, India is concerned a bigger BRICS would transform the group into a mouthpiece for China, while Brazil was worried about alienating the West.

More than 40 countries have expressed interest in joining BRICS and 22 have formally asked to be admitted. And an agreement to expand BRICS - currently Brazil, Russia, India, China and South Africa - could allow dozens of interested nations to seek admission

An expanded BRICS including Saudi Arabia and Indonesia would account for 44% of the global economy by 2040 — out-rivaling the Group of Seven’s gross domestic product predicted share of 21% as forecast by Bloomberg Economics.

(With inputs from agencies)