File picture of the Outreach/BRICS Plus format session at the BRICS Summit in Kazan, Russia, on October 24, 2024.
| Photo Credit: AP

Nigeria has been admitted as a “partner country” of the BRICS bloc of developing economies, according to Brazil, the group’s chair.

BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven (G-7) leading industrialised nations.

In 2023, the bloc added Iran, Egypt, Ethiopia and the UAE, while Saudi Arabia has been invited to join.

Turkey, Azerbaijan and Malaysia have formally applied to become BRICS members, while a few others have also expressed interest.

Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

“With the world’s sixth-largest population — and Africa’s largest — as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS,” the Brazil government said in a statement on Friday.

“It plays an active role in strengthening South-South cooperation and in reforming global governance — issues that are top priorities during Brazil’s current presidency,” it added.

U.S. President-elect Donald Trump last year threatened 100% tariffs against BRICS if they act to undermine the US dollar.

The bloc’s leaders have voiced their commitment to introduce an alternative payment system that would not be dependent on the dollar.

Ashok Bhushan. File
| Photo Credit: PTI

Effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent to deal with complex challenges, National Company Law Appellate Tribunal (NCLAT) chairperson Ashok Bhushan said on October 12.

Emphasising the importance of having free and fair competition in the market place, he also said there is a need for robust mechanism to regulate digital markets.

He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in the national capital. “Strong anti-trust enforcement is an essential element of the overall public policy design governing the companies,” he said.

Further, he noted that an effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent in order to deal with complex challenges.

More than 600 delegates are expected to participate in the conference that concludes on October 13. Last time, this conference happened in India in 2013. According to the Chairperson of the National Company Law Appellate Tribunal (NCLAT), free and fair competition is a key pillar for the market economy.

“Incorporation of sustainability into competition law had the potential to stimulate innovation, development of cleaner technologies, renewable energy sources and sustainable solutions across various industries,” he noted.