BRICS is moving quickly to ditch the U.S. dollar and promote their native currencies for global trade. With further expansion in 2024 imminent, 16 new countries are expected to drop the US Dollar in 2024 and join BRICS.
BRICS inducted five new countries in January 2024 including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. Now, more countries have submitted applications to join BRICS and its de-dollarization mission. As many as 16 new countries may join BRICS in 2024.
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16 New Countries to Join BRICS and Ditch the US Dollar in 2024?
Last summer, 10 ASEAN countries agreed to stop trading in the US dollar and use native currencies for cross-border settlements. ASEAN is a bloc of 10 countries compromising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. These nations are likely on the list of applicants to join BRICS, strengthening the bloc’s ties with ASEAN as adding more strength behind the push to abandon the greenback currency.
In addition to the ASEAN nations, many other countries are expected to join the BRICS bloc in ditching the US Dollar this year. Russian President Putin confirmed that BRICS is open to allowing many more countries to join the bloc. He also hinted that another new round of expansion could be initiated in the upcoming 16th BRICS summit.
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Countries in Africa and the Middle East, such as Pakistan, Iraq, Turkey, Pakistan, Nigera and Egypt are expected to be contenders for one of the expansion spots at the BRICS 2024 summit.