With the early days of 2024 upon us, a look back highlights what was a rather interesting year. Widespread economic difficulty for nations across the globe brought forth a host of vital policy developments. Yet, many can confirm that the BRICS expansion was one of 2023’s most important geopolitical events.
The BRICS bloc made headlines during its 2023 Annual Summit when it invited six countries. Specifically, it was set to grow its membership in a move that would be made official at the turn of the new year. With five of those nations accepting such an invitation, the alliance fulfilled a move that will have global implications for the coming year.
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BRICS Expansion Will Have Geopolitical Ramifications Well Into 2024
For much of last year, the BRICS alliance saw massive increases in its international prevalence. Driven by Western-imposed Russian sanctions, the bloc grew closer than it had since its inception in 2001. Thereafter, it coordinated a decision that forever changed the perception of the economic bloc.
Indeed, the BRICS alliance agreed on an expansion that has been called the most important geopolitical event of 2023. Specifically, Timofey Bordachev notes that the alliance’s decision to grow was an unmatched foreign policy event. Moreover, he expressed how that decision will impact what is done in 2024.
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The start of the year saw Saudi Arabia, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran join the alliance. Moreover, those nations represent some of the world’s largest oil products and consumers. Therefore, the coming year should see the bloc make massive strides in that area.
Additionally, the alliance is increasing its coordination for various economic initiatives. Chief among these is the ongoing development of a BRCIS currency. Many have predicted that such a currency could come to fruition in 2024. Subseuqlnety the currency could be one of the major announcements at the bloc’s summer 2024 Annual Summit.
Altogether, the bloc is poised to continue the growth trajectory that it ended 2023 with. De-dollarization plans are set to abound in its unilateral relations. Moreover, its local currency promotion should continue to be a prominent theme. Ultimately, the multipolarity of the global landscape should come into clearer view throughout 2024.