South African President Cyril Ramaphosa said on Thursday that the BRICS leadership has decided to invite Argentina, Egypt, Iran, Ethiopia, the UAE, and Saudi Arabia to join the organization.

"We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates to become full members of BRICS. The membership will take effect from January 1, 2024," Ramaphosa said at the BRICS summit in South Africa.  

He further said that the BRICS leadership established consensus on the guiding principles, standards, criteria, and procedures of the process for the group's expansion. 

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The admission of new members into BRICS is the first stage of the group's expansion process, he added. 

"We have consensus on the first phase of this expansion process, and other phases will follow," the president added.  

On another note, the South African President said that the time has come to use local currencies and alternative payment systems in international transactions.

"There is global momentum to use of local currencies, alternative financial arrangements, and alternative payment systems. As BRICS we are ready to explore opportunities for improving the stability, reliability, and fairness of the global financial architecture," Ramaphosa said.

Leaders from China, India, Brazil, and South Africa are in attendance at the summit, while Russia's representation comes from Foreign Minister Sergey Lavrov.

Notably, Russian President Vladimir Putin is participating in the summit through a videoconference.

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