BRICS member states have approved Bolivia's admission as a partner nation, Bolivian President Luis Arce announced on Friday.

"Our Plurinational State of Bolivia is taking a fundamental step towards its entry into BRICS, having been informed of the acceptance of the member states to become an associated state," Arce stated on Telegram.

He added that this move marks a significant achievement in Bolivian foreign policy, with results expected to be multidimensional.

Russian President Vladimir Putin previously mentioned that BRICS member states had agreed on a list of partner nations during the summit held in Kazan, Russia.

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The BRICS Summit took place in Kazan from October 22 to 24, focusing on strengthening multilateralism, integrating new members, and addressing regional challenges. On Wednesday, the leaders of the BRICS member states issued a joint declaration.

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Founded in 2006, BRICS is an intergovernmental association. Russia took over the rotating presidency of the bloc on January 1, 2024, with the year starting off with the accession of new members. In addition to Russia, Brazil, India, China, and South Africa, the group now includes Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia. According to the website of the Russian 2024 BRICS Chairmanship, Saudi Arabia has not yet formalized its participation but has been attending BRICS meetings.

BRICS authority, influence in global affairs continually rising: Putin

During a closed-door session at the 16th BRICS summit in Kazan on Wednesday, Russian President Vladimir Putin indicated that the multipolar world is evolving.

He emphasized that the BRICS nations play a vital role in promoting global stability and security, significantly contributing to the resolution of pressing regional issues.

"This is the essence of the strategy of the BRICS course in the international arena, which meets the aspirations of the main part of the international community — the so-called global majority. And it is precisely this course that is especially in demand in the current conditions when truly significant changes are taking place in the world," Putin said.

He said that Russia seeks to strengthen the role of BRICS in the world and focus on solving global and local problems, adding, "We sought to strengthen the authority of BRICS, to increase its role in world affairs, in solving pressing global and regional problems."

In this context, the Russian leader expressed his belief that all interested nations should be afforded the opportunity to join BRICS. He asserted that it would be a mistake for BRICS to overlook the unprecedented interest from countries in the Global South and East seeking to become part of the association, highlighting the importance of inclusivity in fostering global collaboration.

"More than 30 states have already expressed this desire in one form or another. At the same time, it is necessary to maintain a balance and prevent a decrease in the effectiveness of the BRICS," Putin said.

He also proposed the initiative to establish a BRICS "grain exchange," which he believes will safeguard national markets from external interference and speculation. He emphasized that this exchange would contribute to the development of fair indicators for global grain prices.

"The implementation of this initiative will help [BRICS] protect national markets from negative external interference, speculation, and attempts to create artificial food shortages," Putin said.