Today, the BRICS announced the admission of six more countries to the emerging bloc, namely Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates. Membership is due to be formalized on January 1, 2024.

The idea is to increase the influence of the bloc, which seeks to rebalance the current world order, as well as to encourage other nations to join.

The BRICS, whose acronym was originally coined by a Goldman Sachs economist, currently include Brazil, Russia, India, China and South Africa.

Deepening geopolitical polarization, following Russia's invasion of Ukraine and China's declining relations with the United States, is spurring efforts by Beijing and Moscow to turn the BRICS into a viable counterweight to the West.

"The BRICS have begun a new chapter in their efforts to build a just world, an inclusive and prosperous world," said South African President Cyril Ramaphosa, host of a summit of BRICS leaders.

"We have reached a consensus on the first phase of this expansion process and other phases will follow," Ramaphosa said at a press conference.