The BRICS economic alliance is eyeing a major Asian expansion, with several nations clamoring to join the bloc in 2024. Indeed, the group has seen four prominent Southeast Asian countries express their intention to be included in the bloc’s next expansion effort.
The 2024 annual summit will likely see the grouping enact its second expansion plan in as many years. Moreover, recent visits from Russia’s President Vladimir Putin and China’s Premier Li Qiang have sought to increase cooperation with the region, according to a Bloomberg report.
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BRICS Sees 4 Asian Nations Apply to Join the Alliance
Over the last several months, the BRICS alliance have established de-dollarization and growth as its two most important directives. The two facets seem to go hand in hand and encourage its continued impact on geopolitics as a whole. Moreover, they have influenced its potential expansion in one particular region.
The BRICS alliance is seemingly eyeing a major Asian expansion as countries clamor to join the collective this year. Four countries have stood out, with Vietnam, Indonesia, Thailand, and Malaysia seeking to join. Since the groupings Foreign Minster Meeting in June of this year, those four countries have reportedly submit official plans to become members.
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The global enlargement of the bloc would, in turn, help further its economic interests. The bloc has not been shy about its commitment to lessening international reliance on the greenback. That was clearly seen in a landmark agreement signed by the grouping and six partner nations to settle trades in local currencies.
The weaponization of the US dollar has undoubtedly fueled a necessity for the bloc’s action against it. Moreover, their positions and priorities have created a rather enticing partnership for nations who are also seeking a path away from the influx of the International Monetary Fund and the Western-led World Bank.
The bloc should continue to establish its status as a strong hedge against Western dominance. Moreover, its native New Development Bank is set to grow in importance. The entity has already loaned almost $33 billion in 2024. That figure should grow throughout the remainder of the year.