New Delhi | The leaders of the BRICS nations on Thursday decided to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the new members of the grouping, sealing a long-drawn process.

The decision was announced by South African President Cyril Ramaphosa at a joint media briefing along with Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva.

The new members will become part of BRICS with effect from January 1, 2024, Ramaphosa announced.

He said the decision on the new members were agreed upon after firming up the guiding principles, criteria and procedures for the expansion process.

"We have consensus on the first phase of this BRICS expansion process," Ramaphosa said at the end of the grouping's summit in Johannesburg. "We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become full members of BRICS," he said.

"We value the interests of other countries in building partnership with BRICS and have tasked our foreign ministers to further develop the BRICS partnership model and list of prospective countries (which want to join the grouping)," Ramaphosa said.