The BRICS economic alliance has reportedly seen expansion front runners emerge ahead of its annual summit. Indeed, the two-day event is less than a week away, as growth in members is an expected outcome. Subsequently, the bloc may already have its sights set on some strong candidates.
According to a report from the Economic Times, Saudi Arabia, the United Arab Emirates (UAE), and Argentina are leading candidates to join the alliance. However, there remains the expectation that the summit will feature a consensus on expansion criteria. Therefore, the timeline for these countries’ eventual inclusion is still undetermined.
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Saudi Arabia, UAE, and Argentina Lead BRICS Expansion Front Runners
The BRICS summit is poised to be one of the most important gatherings in the bloc’s history. Specifically, it will see its members discuss local currency promotion, and set forth expansion guidelines. Additionally, more than 60 heads of state will be present to likely make their case for joining the economic alliance.
Now, it appears as though the bloc has some ideas as to who could be strong candidates to join. Based on a recent report, BRICS has identified expansion front runners with less than a week til the crucial summit takes place. Alternatively, these candidates would undoubtedly have a major impact on the bloc’s trajectory.
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According to a recent report, Saudi Arabia, the UAE, and Argentina are the leading candidates to join the bloc. Additionally, the report suggested Iran, Egypt, Indonesia, and Nigeria are making the strongest push to become a part of the alliance. Subsequently, the three front runners provide very interesting potential for the bloc.
Saudi Arabia has long been perceived as a frontrunner due to its economic impact. The country’s impact on global oil sales can aid the promotion of the bloc’s local currencies and could aid in funding its initiatives. Alternately, the UAE features similar benefits to bring to the bloc.
Conversely, Argentina, represents a rather interesting inclusion. Yet, it appears as though the country could find a place in the alliance because of how its presence could aid its concerning economic situation. The country has recently raised interest rates to 118% and is in a notedly detrimental financial situation. BRICS has the opportunity to aid the country and strengthen its image as a haven for developing countries in need.