News / Six new members as BRICS trade bloc targets growing markets

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BRICS (Brazil, Russia, India, China and South Africa), the trade bloc of emerging economies, is expanding its market reach beyond the west, amid slowing demand.

At a summit in Johannesburg this week, the five nations voted to bring six more countries into the fold – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE. 

“The global growth momentum has weakened and the economic prospects have declined, owing to trade fragmentation, prolonged high inflation, tighter global financial ...