BRICS is expanding, but can it rebalance the world order? | Business and Economy
The group invited six nations – Saudi Arabia, the UAE, Iran, Egypt, Ethiopia and Argentina – to join BRICS.
The BRICS nations of Brazil, Russia, India, China and South Africa are diverse, growing economies with big ambitions.
The group has long complained about Western influence over global financial institutions and trade. They want to counter that dominance, championing developing nations in order, they say, to rebalance the world order.
In a push to strengthen its global power, the BRICS group agreed to add new members to the alliance during its annual summit in South Africa.
Meanwhile, in southern Europe, an olive oil crisis is brewing that could affect almost every household in the region. But Middle Eastern nations may see it as a business opportunity.