The BRICS alliance turned from a 5-member group to a 9-member bloc this year in 2024. BRICS is looking to create a paradigm shift in the global financial sector where developing countries usher into a new world order. BRICS is aiming to create a parallel economy away from the US dollar where local currencies thrive.
This vision is attracting other developing countries as BRICS promises to strengthen native economies and local currencies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
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25 Countries Waiting To Join BRICS
South Africa’s Ambassador to Russia, Mzuvukile Geoff Maqetuka confirmed that 25 new countries are on the waitlist to join BRICS. The decision to induct a new round of nations into the bloc will be taken at the next summit in October 2024. The 16th summit is scheduled to be held in the Kazan region of Russia.
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“There were close to 25 (countries) who indicated that they are ready to join BRICS,” the South African ambassador said to Tass. Read here to know the full list of 25 countries that remain on the waitlist to join BRICS.
Maqetuka explained that the decision to induct the new members will be taken at the upcoming summit in October “There will be an announcement of new members, especially from that block that have already applied,” he confirmed.
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The development indicates that BRICS is an effective alliance and developing countries want to be involved with it. A handful of developing countries want to end dependency on the US dollar and strengthen their native economies.
However, it is not known how many of these 25 countries will be inducted into BRICS. Also, the decision to induct countries is consensus and all the current members have to agree on the table. Therefore, the names of the countries that could be a part of the bloc remain to be unknown currently.