In the latest update, eight new Arab countries have formally submitted their applications to join the BRICS alliance. The number of countries that are expressing interest in joining the BRICS alliance is growing each day. Around 45 countries have already expressed their desire to be a part of the bloc.
The developing countries are looking to ditch the U.S. dollar for global trade and use their native currencies instead. The move will strengthen their local economies, giving day-to-day businesses like imports and exports a big boost. In the latest update, eight new Arab countries have formally submitted their applications to join the BRICS alliance.
BRICS: 8 Arab Countries Ready to Join BRICS
South Africa’s Foreign Minister Naledi Pandor confirmed that 23 countries have officially applied to join BRICS. Among them, eight Arab countries are on the list that have expressed interest to enter the BRICS alliance.
The eight Arab countries that want to join BRICS are Algeria, Bahrain, Egypt, Kuwait, Morocco, Palestine, Saudi Arabia, and the United Arab Emirates (UAE). The majority of these countries are oil-producing nations that send millions of barrels worldwide.
If Arab nations join BRICS, the chances of them accepting oil in native currencies are high. The move could add strain on the U.S. dollar sending it on a path of decline. Read here to know the U.S. sectors to be impacted if Arab countries join BRICS.
Moreover, the remaining countries that have applied to join BRICS are Bangladesh, Iran, Kazakhstan, Nigeria, Senegal, Ethiopia, Belarus, Bolivia, Argentina, Venezuela, Vietnam, Cuba, Honduras, Indonesia, and Thailand.
BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The next BRICS summit will be held on August 22 to 24 in Johannesburg, South Africa. Also, the head of 69 countries has been invited to attend the summit by South African President Cyril Ramaphosa.