25 Countries Now Prepare To Join BRICS Alliance

Vinod Dsouza
BRICS Leaders Countries
Source: Alan Santos / PR / Wikipedia Commons

The BRICS alliance is going to get bigger and stronger as 24 new countries now prepare the join the bloc. The nations are looking to end reliance on the U.S. dollar and accept the new BRICS currency for cross-border transactions. The move adds pressure on the dollar and challenges its hegemony as the world’s reserve currency. Nonetheless, if BRICS expands to BRICS+, the dollar and other leading Western currencies like the Euro and Pound could decline.

Also Read: After BRICS, 10 ASEAN Countries Ditch The U.S. Dollar

Therefore, Western dominance could soon come to an end leading to a new financial order dominated by the East. Developing countries across Asia, Africa, and Latin America are coming together in pushing the de-dollarization efforts into reality. Also, the move could break the U.S. dollar’s global supremacy and destabilize the American economy.

25 Countries Prepare to Join BRICS Alliance

BRICS Countries Leaders
Source: DIRCO/GovernmentZA)

Two dozen countries are now preparing to join the BRICS alliance and accept the new currency for global trade. The 24 countries want to promote their local currencies and businesses and sideline the U.S. dollar for international transactions.

Also Read: Ahead of Joining BRICS, Iraq Issues Ban on U.S. Dollar Transactions

The 24 countries that are looking to join the BRICS bloc and trade in the yet-to-be-released currency are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, The United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.

The list also includes oil-rich Gulf countries that send millions of barrels of oil to the U.S. and Europe. If the Middle East countries begin to accept the BRICS currency, European nations could be forced to settle oil trade with the new tender. Moreover, a day won’t be far away when Saudi Arabia demands the United States to pay up with the BRICS currency and not the U.S. dollar.

Also Read: What Happens if Saudi Arabia Accepts BRICS Currency?

Read here to know why the U.S. dollar could be in danger if Saudi Arabia accepts the BRICS currency. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The next summit will be held in Cape Town, South Africa in August 2023. The decision to launch a new currency will be jointly taken in the summit.