The government of Nicaragua has expressed its approval for the expansion of the BRICS group, recognizing its role in strengthening a more diverse global landscape and creating opportunities for enhancing the well-being of nations and their citizens.

In an official statement published on the government website by the publication El 19 Digital, Managua said: "The government of reconciliation and national unity of the Republic of Nicaragua welcomes with recognition and joy the invitation extended by the founding BRICS countries to their counterparts from Argentina, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, and Iran to join this powerful group of emerging economies."

The Nicaraguan leadership underscored that the growth of BRICS would contribute to fortifying a multipolar world and gradually transforming the unfair and colonial-driven economic model that continues to exert its sway, often at the expense of the rights and liberties of people worldwide.

The statement emphasized the belief that the broader inclusion of nations and states within BRICS would establish the necessary foundations for a more favorable global environment, a pressing and essential undertaking.

"We are confident that the inclusion of more peoples and states in the BRICS will create the necessary conditions for a better world, the construction of which is urgent and necessary. Congratulations and greetings to all, and especially the leaders and peoples of Brazil, Russia, India, China, and South Africa," the statement said.

The BRICS summit, which took place in Johannesburg from August 22 to 24, was attended by the leaders of China, India, Brazil, and South Africa. Russia's representation was through Foreign Minister Sergey Lavrov, while Russian President Vladimir Putin engaged in the summit via videoconference.

At this summit, South African President Cyril Ramaphosa officially extended invitations to Argentina, Egypt, Iran, Ethiopia, the United Arab Emirates, and Saudi Arabia to become part of the association. He indicated that these countries would attain full membership status within BRICS starting from January 1, 2024.

Interestingly, the desire to join BRICS has been expressed by a total of 23 countries, including Argentina, Iran, Algeria, Tunisia, Turkey, Saudi Arabia, and Egypt.

South Africa confirmed on Wednesday that the bloc leaders have agreed on mechanisms for considering new members.

South African Foreign Minister Naledi Pandor stated on Ubuntu Radio, "We have agreed on the matter of expansion," adding, "We have a document that we've adopted which sets out guidelines and principles, processes for considering countries that wish to become members of BRICS...That's very positive."

Enlarging BRICS has been one of the top priorities of the bloc summit. However, Pandor did not provide details regarding the criteria for considering candidates, but he said that members would make an announcement before the summit ends on Thursday.

Countries like Saudi Arabia and Iran submitted applications, and governments interested included Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, and Indonesia - but France was told loud and clear that its President, Emmanuel Macron, was not invited.

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"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.  

The admission of new members into BRICS is the first stage of the group's expansion process, the South African president explained. 

"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.

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