The expansion of BRICS and its de-dollarization efforts carry significant implications for the United States and a more multi-polar world.
by Peter C. Earle
The Daily Economy
The BRICS bloc — originally comprising Brazil, Russia, India, China, and South Africa — has undergone significant transformation over the last twelve months. In August 2023, the group extended invitations to six nations: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). By January 2024, Egypt, Ethiopia, Iran, and the UAE had officially joined, while Saudi Arabia and Argentina selected different paths regarding their membership. The BRICS-11 ultimately wound up the BRICS-10.
Saudi Arabia’s potential membership has been a subject of considerable discussion. Despite receiving an invitation to join BRICS, the kingdom has taken a cautious approach, opting to assess the implications thoroughly before making a formal commitment. As of February 2025, Saudi Arabia remains engaged with BRICS activities but has not yet formalized its membership, reflecting its strategic considerations in balancing relationships with both Western nations and BRICS members.