BRICS Expansion: Five including Iran, Saudi Arabia & UAE join bloc

News Snapshot:

In a move to enhance its strategic influence in response to the prevailing dominance of the West in global affairs, the BRICS bloc of top emerging economies, including India, Russia and China has announced the induction of five full members. As Russia took on the BRICS presidency, President Vladimir Putin declared on Monday that the group has now expanded to a 10-nation body with Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joining as new members. During the BRICS summit in Johannesburg in August, the leaders of the bloc approved a proposal to admit six countries, including Argentina,...