OREANDA-NEWS  The economies of the BRICS states were able to break the hegemony of the United States. This was stated by Bolivian President Luis Arce, speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"Today, the world order is moving to a more just and balanced state based on multipolarity and multilateralism," he said. "The economies of the BRICS bloc have been able to break the hegemony of the United States, and they are the hope for the development of cooperation and complementarity between the countries."

The leader of the Latin American country noted that Bolivia is interested in participating in BRICS, this gives it "excellent prospects for transformation, transformation together with accelerated industrialization."

The BRICS Group has gone through two waves of expansion since its founding in 2006. In 2011, South Africa joined the original squad, which included Brazil, Russia, India and China. In August 2023, six new members were invited to join the association at once, including Argentina, but at the end of December it refused to join. Five new members - Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia - began full-fledged work in BRICS on January 1, 2024.