Saudi Arabia, Iran among six new members admitted to BRICS

12:59 AM | 25 Aug, 2023
BRICS Summit 2023
Source: Twitter

The five existing members announced at the final day of the BRICS summit that they would admit six new members to the bloc.

The existing BRICS nations of Brazil, Russia, India, China and South Africa will be joined by new members Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates (UAE) on January 1, 2024.

South African President Cyril Ramaphosa, who is hosting the three-day BRICS summit in Johannesburg, said, “BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous.”

Ramaphosa said other countries could still be added in the future. “We have consensus on the first phase of this expansion process and other phases will follow,” he said. Over 40 countries have expressed an interest in joining the bloc, and 22 countries have already submitted formal applications.

Mohammed bin Zayed, President of United Arab Emirates, said he appreciated that they were included in the next phase of the bloc’s expansion. UAE is already a shareholder of the BRICS’ New Development Bank.

Ethiopian Prime Minister Abiy Ahmed said the existing BRICS members’ decision to invite Ethiopia to join was “a great moment.”

China's President Xi Jinping lauded the bloc’s agreement on new members. “This membership expansion is historic,” Xi said following the announcement. “It shows the determination of BRICS countries for unity and cooperation with the broader developing countries.”

Indian Prime Minister Narendra Modi said the bloc's expansion ought to serve as an example to other global institutions. “The expansion and modernization of BRICS is a message that all institutions in the world need to mold themselves according to changing times,” Modi said.

And Brazilian President Luiz Inacio Lula da Silva said the promise of globalization had failed and it was time to increase cooperation among developing countries as they face the “risk of nuclear war,” seeming to allude to the escalating conflict between Russia and the U.S.-led West over Ukraine.

Daily Pakistan Global Web Desk


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter