Leaders of BRICS member countries meet at their Summit in Kazan, Russia, October 23, 2024. Photo: ANI/VNA

The admission of new partners, including Cuba and Bolivia, was approved by BRICS at the bloc's summit in October 2024 in Russia’s Kazan with the aim of strengthening economic and political cooperation and the integration of Southern Hemisphere countries.

For Cuba, joining BRICS is an important opportunity to overcome the long-standing economic blockade imposed by the United States. According to Cuban President Miguel Díaz-Canel, BRICS brings great hope to countries in the Southern Hemisphere in the fight for a more just and democratic international order.

Bolivia sees in BRICS an opportunity to expand its economic horizons. Bolivian President Luis Arce stressed the importance of accessing the huge markets of countries like China and India. BRICS offers Bolivia opportunities for technological development and access to multilateral financial cooperation.

BRICS currently comprises nine member countries – Brazil, Russia, India, China, South Africa, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia. Its nine partner countries are Belarus, Bolivia, Indonesia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia and Uzbekistan.

BRICS represents more than 35% of the world's GDP, 45% of the world's population and 30% of global land area.