The number of countries that are expressing interest to join the BRICS alliance before the 2024 summit is rapidly increasing. Developing countries from Asia, Africa, South America, and Eastern Europe are eagerly willing to be included in the grouping. These countries want to strengthen their local currencies and native economies and not be dependent on the US dollar. Strengthening of local currencies will make their native businesses flourish leading to a higher GDP and consumption.
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Dependency on the US dollar remains a cause of worry as the debt crisis is only increasing rapidly in America. As developing nations have the US dollar in reserves, a recession could rob their economy and lead to a slump. Therefore, ending reliance on the US dollar is the first agenda for these countries eyeing to join BRICS before the 2024 summit.
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The US dollar will fall on the path of decline and local currencies could take the driver’s seat of the global economy. The next few years will seal the fate of the US dollar if BRICS decides to ditch the currency in the 2024 summit.
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BRICS: 40 Countries Express Interest To Join Alliance Before 2024 Summit
The latest report shows that 40 countries have officially expressed their interest in joining BRICS before the 2024 summit. They have formally submitted their applications and are looking forward to being invited into the bloc. “More than 40 countries have expressed interest in joining BRICS,” said Paul Frimpong, Founder of Africa-China Centre for Policy Advisory.
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“BRICS attracts a diverse group of potential members because of its primary-driven shared desire to create a more equitable global landscape that many countries believe is currently biased against them,” he said. The BRICS 2024 summit is scheduled to take place in October this year in the Kazan region of Russia.
