As the BRICS economic alliance continues to grow its members, 5 major countries may look to join the bloc in 2024. BRICS, which is comprised of founding members Brazil, Russia, India, China, and South Africa, extended invitations to multiple new members in August 2023. These new members included the UAE, Egypt, and Saudi Arabia. Other members were invited, one being Argentina, but the country denied the invitation following the election of their new president.
Despite that, more nations are interested in joining the bloc next year. Here are 5 of the major countries that may join BRICS in 2024.
5 Major Countries to Join BRICS in 2024
Nigeria is one of the latest African countries with eyes on BRICS membership in 2024. The West African nation is one of the most populous on the continent and has looked to strengthen its foreign policy push. In November, Nigeria’s minister of foreign affairs Yusuf Tuggar said that the country is open to joining any group with good intentions. It is not clear what Nigeria’s stance is on de-dollarization. However, with BRICS growing as a global power and housing multiple big nations already, Nigeria may see joining the bloc as a way to make its voice heard in important global affairs.
In November, Pakistan submitted its official application to join BRICS. Pakistan’s ambassador to Russia Muhammad Khalid Jamali has said that they are seeking Russia’s assistance for induction and hopes to enter the group under Putin’s presidency.
While Russia and Pakistan can be considered allies, India is a staunch rival to Pakistan and most likely would oppose such a move. Despite this, the other four BRICS founders outside of the “I” are all for more expansion, and would likely approve Pakistan’s induction. The numbers will ultimately dictate if Pakistan is one of the next countries to receive an invitation for BRICS membership.
While the country has previously said it has no intentions to join the bloc, Mexico joining BRICS cannot be ruled out considering how big the country is in the Americas. Mexico would see some benefits if it opened the door to joining BRICS that can’t be ignored. For example, Mexico would have access to larger markets and greater bargaining power in international affairs. With the number of nations interested in and already involved with BRICS, Mexico’s economy will have access to work in tandem with other top nations across the ocean.
In terms of adopting the BRICS currency, Mexico has some time to decide how it would impact its economy. Whether the country decides to join and adopt the currency will take much time to speculate, and it’s never impossible that Mexico will change its mind about joining BRICS in 2024. This nation is arguably the biggest wildcard for BRICS membership next year, but can also be envisioned.
Iraq has expressed interest in joining the BRICS alliance and being a part of the global de-dollarization process as well. The country aims to lift its economy with the help of other developing countries by trading in local currencies. The Iraqi Dinar was among the hardest-hit currencies as the US dollar rose in Q3 2023 as inflation slowed.
Because of this, Iraq may look to share BRICS’ mission in de-dollarization to recover. Iraq has already the USD in the foreign exchange black market. It also banned all cash withdrawals in the US dollar effective from Jan. 1, 2024 onwards. Furthermore, Member of Parliament (MP) Zeinab Al-Mousawi has explained that BRICS could also see benefits from Iraw becoming a member. He cites this as being due to its source of natural resources and minerals.
The Middle East and North Africa have gone from having no representation in the BRICS group to having four. Turkey was one of the few MENA nations that just missed out on membership. However Turkey is still adamant on joining the bloc, and due to being just passed up on, may be a frontrunner from MENA to join in 2024’s expansion. Turkey’s growing role as a regional power makes it a suitable option to join the growing bloc.
Furthermore, Turkey has also had testy relations with the West. Therefore, they may look to strengthen their ties with each BRICS nation. Therefore, if done correctly, Turkey may have its choice whether to accept BRICS membership or not in 2024.