BRICS was created on June 16, 2019, and it compromises Brazil, Russia, India, China, and South Africa. The alliance is taking on the U.S. dollar with plans to launch a new currency to settle payments for international trades. The move is attracting other Eastern countries into the bloc as they want to end reliance on the dollar and promote native currencies.
In addition, developing nations from Africa, the Middle East, and South East Asia are ready to join the BRICS alliance. In this article, we will highlight how many countries have shown their interest in joining the BRICS bloc.
Also Read: Middle East Countries Look To Join BRICS Alliance
Full List of Countries That Have Shown Interest in Joining BRICS
Discussing the expansion of BRICS to BRICS+ is currently underway and could be decided in the next summit on August 2023. The countries that have shown interest in joining BRICS are:
United Arab Emirates
Among all the nations, Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates have formally applied to join the BRICS alliance. The other nations have only expressed their interest in joining the BRICS bloc.
Also Read: 24 Countries Ready To Accept BRICS Currency
The next BRICS summit will be held in Cape Town, South Africa in August 2023. The five-nations bloc will combinedly decide on the launch of a new currency to settle global trade. The development has placed the U.S. dollar on the back foot as the world will rely less on the greenback. The move could add further pressure on the dollar sending it on a path of decline.
However, the Federal Reserve plans to challenge BRICS by launching a new FedNow payment service. FedNow will be an instant money transfer platform and banks and leading financial institutions will adopt the new financial technology. Read here to know how FedNow plans to take on the yet-to-be-released BRICS currency and stunt its growth.