Leaders from the BRICS bloc nations, comprising Brazil, Russia, India, China and South Africa have agreed on terms for considering new members.

Plans of BRICS leaders considering admission of new nations were revealed on Wednesday, August 23, by South Africa’s Foreign Minister Naledi Pandor.

Agenda for the expansion of the bloc’s membership was discussed at length during the ongoing annual summit of BRICS in Johannesburg, South Africa.

“We have agreed on the matter of BRICS expansion by coming up with a document on guidelines and principles, processes for considering countries that wish to become members,” Pandor said during an interview on Wednesday.

Iran, Venezuela and Algeria are among 22 countries that have formally applied to join BRICS.

More than 40 other nations have expressed interest in joining the bloc, though they have not formally submitted their applications.

Leaders of BRICS nations are expected to give a comprehensive report about the guidelines on expanding the bloc on Thursday, August 24.