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Context: The five new candidates of BRICS formally became members on January 1, 2024.

About New Members of BRICS

BRICS Expansion: This expansion introduces 5 new members to BRICS viz. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
- Argentina has decided to withdraw from its planned entry into the expanding BRICS club of nations.
Significance: The expansion signifies a notable shift in the global landscape, characterized by increasing multipolarity.
BRICS Summit 2024: The upcoming BRICS summit in Russia in October 2024 is set to undergo a significant transformation as it expands its membership to include five new nations alongside the original founding five viz. Brazil, Russia, India, China, and South Africa.

Further Reading: Argentina Formally Rejects BRICS Membership

News Source: Reuters

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