October is set to be a monumental month for the BRICS alliance, with the bloc possibly expanding to 20 nations at the highly-anticipated 2024 Summit. Indeed, the annual event has proven to be a major point of emphasis for the group. Subsequently, this year could feature more of the same
With the BRICS Pay system likely to launch this month, there is no shortage of exciting announcements to come from the group. Yet, the influx of nations seeking entry could have the bloc repeat its 2023 expansion efforts. This time, however, could come with a small shift.
Also Read: BRICS: 4 Reasons Ditching the Petrodollar Could Doom the US
BRICS Expansion Incoming? Bloc Could Soon Feature 20 Nations
Since 2022, the BRICS bloc has shown immense growth. The alliance has seen its role in the global economy expand greatly amid its ongoing initiatives. Moreover, it has expanded its membership count for the first time in more than two decades when it welcomed four countries in 2023.
Specifically, the bloc welcomed the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran to its ranks last year. Now, with the next iteration of the event nearing, some are predicting the BRICS bloc to expand to 20 nations at the conclusion of the 2024 Summit.
According to new reports, the bloc is set to officially welcome 11 additional nations to its ranks. The first to be included is Saudi Arabia. Although the country did accept an invitation to be an expanded nation in 2023, it has yet to make the move official. That is expected to change this month.
Also Read: BRICS Make De-Dollarization New Member Entry Rule
Additionally, the bloc is reportedly set to welcome 10 partner nations into the alliance. The BRICS Partner countries will be comprised of nations that seek involvement with the bloc but are not listed as official members. How they will be treated with regard to policy and infrastructure development has yet to be disclosed.
However, they are expected to implement that new expansion initiative this year. Moreover, there will be no shortage of interested nations. Countries like Cuba, Venezuela, Malaysia, and Thailand have all shown interest in joining. They are likely to be among the first included when the decision is made at the upcoming summit.