The main outcomes of the summit were:
- The admission of Argentina, Egypt, Iran, Saudi Arabia, and the United Arab Emirates into BRICS from next year. This is the first expansion of the bloc since 2010.
- Big oil nations joining BRICS are Saudi Arabia, Iran, and the United Arab Emirates (UAE). These countries are all major producers of oil and gas, and their membership in BRICS is seen as a way to strengthen the bloc's economic and political influence.
Saudi Arabia is the world's largest oil exporter, and the UAE is the sixth largest. Iran is the world's ninth largest oil producer. The combined oil production of these three countries is about 15% of the world's total.
The addition of these oil-rich countries to BRICS is likely to give the bloc more leverage in the global oil market. It could also help to stabilize the market, as BRICS countries could coordinate their production and pricing policies.
The membership of Saudi Arabia, Iran, and the UAE in BRICS is also seen as a sign of the bloc's growing geopolitical influence. These countries are all important players in the Middle East, and their membership in BRICS could help to strengthen the bloc's ties to the region.
- There will be an establishment of a BRICS Development Bank. The bank will provide financing for infrastructure and sustainable development projects in BRICS countries.
- The launch of a BRICS Plus initiative. This initiative will bring together BRICS countries with other emerging economies to discuss global issues.
- The adoption of a joint statement on the global economy. The statement called for enhanced cooperation to address the challenges facing the global economy, such as the COVID-19 pandemic, climate change, and food security.