Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE to join the group
THE ADDITION of six members to BRICS was a political development that could lay the foundation of much higher investment between the countries over time, market analysts said yesterday.
Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE were invited by the leaders of Brazil, Russia, India and China, at the BRICS Summit in Johannesburg yesterday, to become members of the bloc.
The invitations made were on a day that saw emerging market (EM) stocks rise 1.5% while emerging market currencies added 0.4% – all BRICS members are considered in the financial world as emerging markets, even China, which has the world’s second biggest gross domestic product (GDP).
Yesterday’s breather for developing countries comes at a time…