IBOV 176,769 ▲ 0.32% IPSA 10,752 ▲ 1.78% IPC MEX 68,627 ▲ 0.43% MERVAL 2,846,220 ▼ 1.08% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.00 ▼ 0.66% USD/MXN 17.26 ▼ 0.41% USD/CLP 890.56 ▼ 1.21% USD/COP 3,627 ▼ 1.52% USD/PEN 3.41 ▼ 0.41% USD/ARS 1,399 ▼ 0.14% USD/UYU 39.96 ▲ 0.10% USD/PYG 6,158 ▲ 1.55% USD/BOB 6.86 ▲ 0.15% USD/DOP 58.91 ▲ 0.08% USD/CRC 449.07 ▼ 0.64% USD/GTQ 7.62 ▼ 0.06% USD/HNL 26.62 ▲ 0.01% USD/NIO 36.62 — 0.00% USD/VES 529.18 ▼ 0.13% USD/PAB 1.00 ▲ 2.23% USD/BZD 2.00 ▲ 1.66% USD/JMD 156.59 ▲ 0.47% USD/TTD 6.72 ▲ 0.97% EUR/BRL 5.83 ▼ 0.21% BRENT 100.21 ▼ 3.22% WTI 96.60 — 0.00% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.58% GOLD 4,523 ▲ 0.05% SILVER 76.20 ▲ 0.40% SOY 1,197 ▲ 0.19% CORN 463.25 ▲ 0.22% WHEAT 646.25 ▼ 0.19% COFFEE 264.00 ▼ 3.44% SUGAR 14.68 ▼ 1.48% ORANGE JUICE 166.80 ▲ 0.12% COTTON 77.34 ▼ 0.82% COCOA 3,886 ▲ 3.16% BEEF 239.60 ▼ 3.83% CATTLE 349.85 ▼ 5.22% LITHIUM 85.28 ▲ 1.07% PETR4 43.71 ▼ 1.73% VALE3 82.63 ▼ 0.57% ITUB4 40.05 ▲ 1.57% BBDC4 17.91 ▲ 1.65% ABEV3 16.28 ▲ 1.12% BBAS3 21.32 ▲ 1.81% B3SA3 16.95 ▲ 1.74% WEGE3 43.20 ▲ 1.10% PRIO3 66.48 ▼ 2.81% SUZB3 41.56 ▼ 0.34% RENT3 44.29 ▲ 2.17% AZZA3 20.54 ▼ 0.87% CSAN3 4.30 ▲ 0.23% RAIZ4 0.39 — 0.00% PCAR3 2.09 ▲ 0.48% GMAT3 4.44 ▲ 1.14% PSSA3 49.45 ▲ 0.57% CVCB3 1.79 ▲ 1.13% POSI3 4.10 ▲ 0.99% SLCE3 16.13 ▲ 0.37% NATU3 10.18 ▲ 0.79% BRKM5 11.64 ▼ 2.76% RANI3 7.98 ▼ 1.24% CSNA3 6.62 ▼ 1.63% CMIN3 4.46 ▼ 0.45% USIM5 10.18 ▼ 1.64% GGBR4 23.85 ▼ 0.67% ENEV3 25.07 ▲ 0.44% NEOE3 33.80 — 0.00% CPFE3 43.19 ▼ 0.28% CMIG4 11.28 ▲ 0.53% EQTL3 38.12 ▲ 1.19% LREN3 15.17 ▲ 0.66% VIVT3 33.50 ▼ 0.17% RAIL3 14.40 ▲ 1.34% KLABIN 16.50 ▲ 0.24% RAIA DROGASIL 18.38 ▲ 1.04% RDOR3 34.32 ▲ 0.73% HAPV3 12.27 ▲ 1.83% FLRY3 15.78 ▲ 0.57% SMTO3 17.55 ▼ 0.28% UGPA3 28.29 ▼ 1.43% VBBR3 32.25 ▼ 1.53% BBSE3 34.54 ▲ 0.20% BPAC11 54.74 ▲ 1.50% CURY3 31.16 ▲ 2.06% AERI3 2.40 — 0.00% VIVARA 22.54 ▲ 1.58% COMPASS 27.14 ▲ 0.89% VAMOS 3.31 ▲ 1.85% SANB11 27.45 ▲ 1.29% ASAI3 8.63 ▲ 2.25% SBSP3 28.74 ▲ 0.98% WALMEX 55.32 ▼ 0.41% GMEXICO 207.21 ▲ 1.05% FEMSA 211.28 ▲ 0.58% CEMEX 22.08 ▲ 1.28% GFNORTE 191.43 ▲ 0.36% BIMBO 58.11 ▲ 0.10% TELEVISA 9.71 ▼ 0.51% AMX 22.53 ▼ 0.92% GAP 424.09 ▲ 1.73% ASUR 301.76 ▼ 2.25% OMA 227.00 ▲ 2.11% KOF 185.39 ▲ 0.05% GRUMA 294.72 ▲ 0.66% KIMBER 37.77 ▲ 0.40% SQM-B 73,389 ▲ 2.00% COPEC 6,437 ▲ 0.59% BSANTANDER 71.22 ▲ 1.45% FALABELLA 5,852 ▲ 2.32% ENELAM 77.56 ▲ 0.73% CENCOSUD 2,181 ▲ 3.07% CMPC 1,111 ▲ 1.46% BANCO CHILE 171.84 ▲ 1.68% LATAM AIR 23.64 ▲ 4.65% YPF 71,025 ▲ 0.25% GGAL 6,455 ▼ 0.54% PAMPA 4,793 ▼ 0.93% TXAR 638.00 ▲ 0.08% ALUAR 947.00 ▲ 2.05% TGS 8,685 ▼ 1.81% CEPU 2,077 ▼ 3.03% MIRGOR 16,350 ▲ 0.46% COME 43.70 ▼ 2.35% LOMA NEGRA 3,275 ▼ 2.24% BYMA 286.00 ▲ 3.44% TELECOM ARG 3,493 ▼ 1.06% ECOPETROL 13.85 ▼ 0.07% BANCOLOMBIA 65.88 ▼ 0.66% GRUPO AVAL 4.23 ▼ 0.70% CREDICORP 334.30 ▼ 2.82% SOUTHERN COPPER 179.67 ▲ 0.31% BUENAVENTURA 33.46 ▼ 0.74% MERCADOLIBRE 1,664 ▼ 0.80% NUBANK 12.73 ▼ 3.27% XP 16.82 ▼ 6.14% PAGSEGURO 9.14 ▼ 1.93% STONE 11.00 ▼ 0.90% GLOBANT 40.13 ▼ 1.23% TECNOGLASS 41.16 ▼ 0.10% GAP AIRPORT 240.40 ▼ 1.52% ASUR 301.76 ▼ 2.25% OMA AIRPORT 103.21 ▼ 1.38% AMX ADR 26.14 ▼ 0.72% FEMSA ADR 121.28 ▼ 0.10% CEMEX ADR 12.56 ▼ 0.24% PETROBRAS ADR 19.90 ▼ 0.65% VALE ADR 16.48 ▲ 0.06% ITAU ADR 7.82 ▼ 2.25% SANTANDER BR 5.39 ▼ 3.06% AMBEV ADR 3.20 ▼ 2.14% CSN 1.35 ▲ 5.47% GERDAU 4.75 ▲ 1.06% LATAM ADR 49.89 ▼ 2.06% BTC 77,614 ▲ 0.82% ETH 2,129 ▲ 1.46% SOL 86.17 ▲ 1.08% XRP 1.36 ▲ 0.69% BNB 669.76 ▲ 2.08% ADA 0.25 ▲ 1.52% DOGE 0.10 ▲ 0.86% AVAX 9.45 ▲ 2.64% LINK 9.62 ▲ 2.03% DOT 1.28 ▲ 2.68% LTC 52.80 ▲ 0.07% BCH 350.33 ▲ 1.00% TRX 0.37 ▲ 1.96% XLM 0.15 ▲ 2.21% HBAR 0.09 ▲ 1.26% NEAR 2.64 ▲ 10.51% ATOM 2.13 ▲ 4.17% AAVE 86.80 ▲ 1.48% SELIC 14.50% EMBRAER 73.42 ▲ 1.51% EMBRAER ADR 57.58 ▲ 1.88% JBS 13.21 ▼ 0.53% JBS BDR 66.20 ▼ 0.06% MBRF3 16.43 ▼ 1.02% MBRFY 3.34 ▲ 0.30% INTER 6.16 ▼ 3.75% IBOV 176,769 ▲ 0.32% IPSA 10,752 ▲ 1.78% IPC MEX 68,627 ▲ 0.43% MERVAL 2,846,220 ▼ 1.08% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.00 ▼ 0.66% USD/MXN 17.26 ▼ 0.41% USD/CLP 890.56 ▼ 1.21% USD/COP 3,627 ▼ 1.52% USD/PEN 3.41 ▼ 0.41% USD/ARS 1,399 ▼ 0.14% USD/UYU 39.96 ▲ 0.10% USD/PYG 6,158 ▲ 1.55% USD/BOB 6.86 ▲ 0.15% USD/DOP 58.91 ▲ 0.08% USD/CRC 449.07 ▼ 0.64% USD/GTQ 7.62 ▼ 0.06% USD/HNL 26.62 ▲ 0.01% USD/NIO 36.62 — 0.00% USD/VES 529.18 ▼ 0.13% USD/PAB 1.00 ▲ 2.23% USD/BZD 2.00 ▲ 1.66% USD/JMD 156.59 ▲ 0.47% USD/TTD 6.72 ▲ 0.97% EUR/BRL 5.83 ▼ 0.21% BRENT 100.21 ▼ 3.22% WTI 96.60 — 0.00% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.58% GOLD 4,523 ▲ 0.05% SILVER 76.20 ▲ 0.40% SOY 1,197 ▲ 0.19% CORN 463.25 ▲ 0.22% WHEAT 646.25 ▼ 0.19% COFFEE 264.00 ▼ 3.44% SUGAR 14.68 ▼ 1.48% ORANGE JUICE 166.80 ▲ 0.12% COTTON 77.34 ▼ 0.82% COCOA 3,886 ▲ 3.16% BEEF 239.60 ▼ 3.83% CATTLE 349.85 ▼ 5.22% LITHIUM 85.28 ▲ 1.07% PETR4 43.71 ▼ 1.73% VALE3 82.63 ▼ 0.57% ITUB4 40.05 ▲ 1.57% BBDC4 17.91 ▲ 1.65% ABEV3 16.28 ▲ 1.12% BBAS3 21.32 ▲ 1.81% B3SA3 16.95 ▲ 1.74% WEGE3 43.20 ▲ 1.10% PRIO3 66.48 ▼ 2.81% SUZB3 41.56 ▼ 0.34% RENT3 44.29 ▲ 2.17% AZZA3 20.54 ▼ 0.87% CSAN3 4.30 ▲ 0.23% RAIZ4 0.39 — 0.00% PCAR3 2.09 ▲ 0.48% GMAT3 4.44 ▲ 1.14% PSSA3 49.45 ▲ 0.57% CVCB3 1.79 ▲ 1.13% POSI3 4.10 ▲ 0.99% SLCE3 16.13 ▲ 0.37% NATU3 10.18 ▲ 0.79% BRKM5 11.64 ▼ 2.76% RANI3 7.98 ▼ 1.24% CSNA3 6.62 ▼ 1.63% CMIN3 4.46 ▼ 0.45% USIM5 10.18 ▼ 1.64% GGBR4 23.85 ▼ 0.67% ENEV3 25.07 ▲ 0.44% NEOE3 33.80 — 0.00% CPFE3 43.19 ▼ 0.28% CMIG4 11.28 ▲ 0.53% EQTL3 38.12 ▲ 1.19% LREN3 15.17 ▲ 0.66% VIVT3 33.50 ▼ 0.17% RAIL3 14.40 ▲ 1.34% KLABIN 16.50 ▲ 0.24% RAIA DROGASIL 18.38 ▲ 1.04% RDOR3 34.32 ▲ 0.73% HAPV3 12.27 ▲ 1.83% FLRY3 15.78 ▲ 0.57% SMTO3 17.55 ▼ 0.28% UGPA3 28.29 ▼ 1.43% VBBR3 32.25 ▼ 1.53% BBSE3 34.54 ▲ 0.20% BPAC11 54.74 ▲ 1.50% CURY3 31.16 ▲ 2.06% AERI3 2.40 — 0.00% VIVARA 22.54 ▲ 1.58% COMPASS 27.14 ▲ 0.89% VAMOS 3.31 ▲ 1.85% SANB11 27.45 ▲ 1.29% ASAI3 8.63 ▲ 2.25% SBSP3 28.74 ▲ 0.98% WALMEX 55.32 ▼ 0.41% GMEXICO 207.21 ▲ 1.05% FEMSA 211.28 ▲ 0.58% CEMEX 22.08 ▲ 1.28% GFNORTE 191.43 ▲ 0.36% BIMBO 58.11 ▲ 0.10% TELEVISA 9.71 ▼ 0.51% AMX 22.53 ▼ 0.92% GAP 424.09 ▲ 1.73% ASUR 301.76 ▼ 2.25% OMA 227.00 ▲ 2.11% KOF 185.39 ▲ 0.05% GRUMA 294.72 ▲ 0.66% KIMBER 37.77 ▲ 0.40% SQM-B 73,389 ▲ 2.00% COPEC 6,437 ▲ 0.59% BSANTANDER 71.22 ▲ 1.45% FALABELLA 5,852 ▲ 2.32% ENELAM 77.56 ▲ 0.73% CENCOSUD 2,181 ▲ 3.07% CMPC 1,111 ▲ 1.46% BANCO CHILE 171.84 ▲ 1.68% LATAM AIR 23.64 ▲ 4.65% YPF 71,025 ▲ 0.25% GGAL 6,455 ▼ 0.54% PAMPA 4,793 ▼ 0.93% TXAR 638.00 ▲ 0.08% ALUAR 947.00 ▲ 2.05% TGS 8,685 ▼ 1.81% CEPU 2,077 ▼ 3.03% MIRGOR 16,350 ▲ 0.46% COME 43.70 ▼ 2.35% LOMA NEGRA 3,275 ▼ 2.24% BYMA 286.00 ▲ 3.44% TELECOM ARG 3,493 ▼ 1.06% ECOPETROL 13.85 ▼ 0.07% BANCOLOMBIA 65.88 ▼ 0.66% GRUPO AVAL 4.23 ▼ 0.70% CREDICORP 334.30 ▼ 2.82% SOUTHERN COPPER 179.67 ▲ 0.31% BUENAVENTURA 33.46 ▼ 0.74% MERCADOLIBRE 1,664 ▼ 0.80% NUBANK 12.73 ▼ 3.27% XP 16.82 ▼ 6.14% PAGSEGURO 9.14 ▼ 1.93% STONE 11.00 ▼ 0.90% GLOBANT 40.13 ▼ 1.23% TECNOGLASS 41.16 ▼ 0.10% GAP AIRPORT 240.40 ▼ 1.52% ASUR 301.76 ▼ 2.25% OMA AIRPORT 103.21 ▼ 1.38% AMX ADR 26.14 ▼ 0.72% FEMSA ADR 121.28 ▼ 0.10% CEMEX ADR 12.56 ▼ 0.24% PETROBRAS ADR 19.90 ▼ 0.65% VALE ADR 16.48 ▲ 0.06% ITAU ADR 7.82 ▼ 2.25% SANTANDER BR 5.39 ▼ 3.06% AMBEV ADR 3.20 ▼ 2.14% CSN 1.35 ▲ 5.47% GERDAU 4.75 ▲ 1.06% LATAM ADR 49.89 ▼ 2.06% BTC 77,614 ▲ 0.82% ETH 2,129 ▲ 1.46% SOL 86.17 ▲ 1.08% XRP 1.36 ▲ 0.69% BNB 669.76 ▲ 2.08% ADA 0.25 ▲ 1.52% DOGE 0.10 ▲ 0.86% AVAX 9.45 ▲ 2.64% LINK 9.62 ▲ 2.03% DOT 1.28 ▲ 2.68% LTC 52.80 ▲ 0.07% BCH 350.33 ▲ 1.00% TRX 0.37 ▲ 1.96% XLM 0.15 ▲ 2.21% HBAR 0.09 ▲ 1.26% NEAR 2.64 ▲ 10.51% ATOM 2.13 ▲ 4.17% AAVE 86.80 ▲ 1.48% SELIC 14.50% EMBRAER 73.42 ▲ 1.51% EMBRAER ADR 57.58 ▲ 1.88% JBS 13.21 ▼ 0.53% JBS BDR 66.20 ▼ 0.06% MBRF3 16.43 ▼ 1.02% MBRFY 3.34 ▲ 0.30% INTER 6.16 ▼ 3.75%
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Monday, May 25, 2026

BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support

By · September 27, 2024 · 2 min read

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At the recent BRICS foreign ministers’ meeting in New York, Egypt and Ethiopia refused to sign the communique, highlighting a significant impasse within the group, which has recently expanded its membership.

Held on September 26, 2024, alongside the United Nations General Assembly, the meeting was expected to produce a comprehensive 52-paragraph document.

The agenda included discussions on the Middle East conflict, a potential common currency, and further expansion of BRICS.

The stalemate arose from a condition set by Indian and Brazilian diplomats during last year’s bloc expansion.

This condition required new members to support India, Brazil, and South Africa’s aspirations for permanent seats on the UN Security Council.

BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support. (Photo Internet reproduction)
BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support. (Photo Internet reproduction)

Egypt and Ethiopia opposed this clause, arguing that no consensus had been reached regarding Africa’s representation on the UN’s highest body.

Brazilian Foreign Minister Mauro Vieira chaired the meeting and expressed disappointment over the refusal.

He reminded Egypt and Ethiopia that they had accepted this condition when joining BRICS. Despite his efforts, Vieira ended the meeting without a joint statement, marking a first in BRICS history.

BRICS originally included Brazil, Russia, India, China, and South Africa. On January 1, 2024, it welcomed Iran, Egypt, Ethiopia, and the United Arab Emirates as new members.

This expansion aimed to bolster the group’s influence as a counterweight to Western-dominated institutions like the G7. The bloc now accounts for about 37% of global GDP and represents nearly half of the world’s population.

BRICS Expansion Faces Challenges as Egypt and Ethiopia Withhold Support

The upcoming BRICS leaders’ summit in Kazan, Russia, from October 22-24, 2024, will be crucial for addressing these internal challenges.

Russian President Vladimir Putin has noted growing interest in BRICS membership from 34 countries. Azerbaijan, Malaysia, Thailand, and Turkey have formally applied for full membership.

Turkey’s potential inclusion is particularly significant as it would make it the first NATO member in BRICS. Despite these setbacks, BRICS continues to position itself as a voice for the “Global South”.

The group aims to reform rather than replace the current global order by challenging systemic biases against developing nations. However, internal differences and geopolitical rivalries complicate decision-making processes within the bloc.

The heterogeneity of BRICS members presents ongoing challenges. Differences in political systems and economic models can hinder cohesive action.

Existing geopolitical rivalries further complicate matters. As BRICS evolves and expands, its impact on global trade and geopolitics remains uncertain.

The outcome of the Kazan summit will likely shape the future direction of this increasingly significant bloc as it navigates its growing pains and seeks to redefine its role in a shifting global order.

 

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