The BRICS alliance could soon expand to 13 new countries, as multiple nations have formally sent their applications to join the bloc. Discussions are currently underway to accept or reject the applications based on their economic performance. If accepted, BRICS could become BRICS+ by the end of 2023, adding more financial strength to the alliance. Countries from Africa, Latin America, and Asia have formally sent their applications, confirmed South African BRICS ambassador, Anil Sooklal.
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In an interview with TV BRICS, Sooklal said that the response to joining the BRICS alliance from other countries remains positive. “So far, a number of 13 countries from Africa, Latin America, and Asia have applied or formally approached the BRICS leaders to become members of our association,” he said.
The formal application sent by the 13 countries is a confidence booster to the BRICS alliance. Their idea of sidelining the U.S. dollar for global transactions by creating a new currency is gaining support from the international community. The move adds to their belief that many developing Eastern nations want to end their reliance on the U.S. dollar.
“This is positive news for the bloc, as it demonstrates the confidence of the global south in the leadership of our association,” said Sooklal.
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The Future of The BRICS Alliance
Reports stated that the BRICS alliance will launch a new currency that could be backed by gold. The five nations bloc is accumulating large amounts of gold since 2022 and it is among the top buyer of the precious metal. Read here to know how the BRICS alliance aims to top the U.S. dollar with the backing of gold.
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The next BRICS summit will be held in Cape Town, South Africa in August 2023. The five nations bloc Brazil, Russia, India, China, and South Africa will decide on the formation of a new currency.