South Africa hosted this year's heads of state summit for the BRICS countries — Brazil, Russia, India, and mainland China along with South Africa. The alliance admitted Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as members from January 2024. And there's an indication of future expansion as well.

What's the reasoning behind the expansion, and why are these countries eager to join?

Featured expert:

Lange Malimela, head of Country Risk for sub-Saharan Africa at S&P Global Market Intelligence https://www.spglobal.com/en/enterprise/experts/malimela-langelihle.html