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China invites five more countries to join BRICS - Temple Finance

China invites five more countries to join BRICS

China, being the chairing state, invited Guinea, Mexico, Thailand, Egypt and Tajikistan

China, the chairing state of the 2017 BRICS summit, invited new participants to the summit.

“In addition to the leaders of five states, as well as the leaders of a number of international organizations, the heads of several other countries will attend the summit in the outreach format. This year, China, being the chairing state, invited Guinea, Mexico, Thailand, and Tajikistan,” Russian Ambassador to China Andrei Denisov said.

The fifth invited state is Egypt. The leaders of the countries will meet in early September in Xiamen, Fujian Province.

BRICS Summit 2017

The 9th annual BRICS summit will take place in China’s Xiamen on September 3-5. The bloc has created a $100 billion development bank and a $100 billion emergency fund.

Border tensions between BRICS members, China and India, will not be discussed by the bloc, although leaders of the two countries are expected to hold bilateral talks on the sidelines of the summit.

Intra-BRICS trade ties remained robust for the past year.

Earlier last month, Vice Commerce Minister Wang Shouwen said China expects to import over $8 trillion worth of goods in the coming five years, and the other BRICS members are welcome to further tap into the vast Chinese market.

Afghanistan, Argentina, Indonesia, Mexico, and Turkey have expressed strong interest in full membership of the BRICS, while Egypt, Iran, Nigeria, Sudan, Syria and most recently Bangladesh and Greece have also expressed interest in joining BRICS.

Today, the BRICS countries account for 26% of the Earth’s territory, 42% of the world’s population (almost three billion people) and 27% of world GDP. Moreover, according to experts’ forecasts, by the year 2050 the share of BRICS countries will account for more than 40% of world GDP.

The World Bank expects BRICS growth to pick up to 5.3% in 2017.

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