Azerbaijan officially applies for BRICS membership
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After a meeting with Russian President Vladimir Putin, Azerbaijan officially requests membership in the BRICS economic bloc.
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Russian President Vladimir Putin, left, and Azerbaijani President Ilham Aliyev attend a state reception at the Gulustan Palace in Baku, Azerbaijan, on August 19, 2024. (AP)
Azerbaijan has officially requested membership in the BRICS economic bloc.
This announcement comes after a high-level meeting in Baku between Azerbaijani President Ilham Aliyev and his Russian counterpart Vladimir Putin.
The confirmation was made through an official BRICS social media post.
BRICS, which originally included Brazil, Russia, India, China, and South Africa and has now expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, is experiencing increased interest from other nations looking to join the bloc.
JUST IN: 🇦🇿 Azerbaijan formally applies to join BRICS. pic.twitter.com/ztyIMwO0pi
— BRICS News (@BRICSinfo) August 19, 2024
For example, last month, Malaysian Prime Minister Anwar bin Ibrahim announced on July 28 that Malaysia has officially applied to join the BRICS organization.
The application was sent in a letter to Russia, the current BRICS rotating chair, expressing Malaysia's openness to participate either as a member country or a strategic partner.
BRICS surges to 35.7% of global GDP in 2023
It is worth noting that in 2023, the BRICS countries collectively accounted for a historic 35.7% share of the global GDP in terms of purchasing power parity (PPP), marking an increase of 0.6% points compared to the previous year.
Since its establishment in 2006, the bloc has seen its global economic share rise by 10.2 percentage points, according to Sputnik's analysis based on World Bank data.
Conversely, the G7 nations saw their economic indicators decline to 29%, the lowest in 30 years, losing 0.4% points year-on-year. Since 2006, the G7's global GDP share has decreased by 9.7% points.
Overall, global GDP in PPP terms reached $184.7 trillion in 2023, reflecting a 7% increase from the previous year.
Meanwhile, the remaining countries outside these major blocs accounted for 35.3% of the world's GDP, maintaining a stable share since 1990, fluctuating within a one-percentage-point range.
