"The BRICS expansion will strengthen the BRICS members and give these members more leverage in negotiations in international forums. It will also strengthen OPEC+," Sachs said.
Sachs further noted that the BRICS nations will play a leading role as the world goes through a deep energy transition to zero-carbon energy, including renewables, green hydrogen, and nuclear, among others.
"Mineral investments will be of great significance in the upcoming industrial and energy transformations," Sachs said. "The BRICS nations will play a leading role in the global production and trade in strategic minerals."
At its recent summit in Johannesburg, the BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - announced that its membership is more than doubling. Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Saudi Arabia were invited to join BRICS with membership effective January 1, 2024.
According to the group, this year, the BRICS overtook the global GDP contribution of the G7 countries and accounts for nearly one-third of world economic activity.