The queue to join BRICS is getting longer as developing countries are expressing their interest in joining the alliance. Developing countries are now looking to end dependency on the US dollar to promote local currencies for trade. The move helps their native economies and businesses to thrive and pump up their national GDPs.
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The majority of the developing countries are eager to join the BRICS alliance as they want to be a part of the de-dollarization initiative. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The scenario could cause hyperinflation in the country if the US dollar returns to the homeland.
BRICS Alliance: 46 Countries Express Interest To Join the Bloc
A total of 47 countries have expressed their interest in joining the BRICS alliance before the 2024 summit. Among the 46 countries, only 26 nations have formally sent their applications to join the alliance. Around 21 countries have informally expressed their interest in being a part of the grouping. The developing countries that are willing to join the group hail from Asia, Africa, South America, and Eastern Europe.
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“More than 40 countries have expressed interest in joining BRICS,” confirmed Paul Frimpong, Founder of Africa-China Centre for Policy Advisory. “BRICS alliance 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.
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The 16th BRICS summit will be held in the Kazan region of Russia from October 22 to 24, 2024. The new extended alliance will get together at the table for discussions for the first time since the expansion. The nine-member bloc will discuss important topics related to de-dollarization, expansion, trade deals, and local currencies, among other financial prospects.
