With the BRICS alliance looking to add to its strength in 2024, North Korea is becoming a favorable country to potentially join the fight to end the US Dollar. The east-asian powerhouse nation appears to be breaking out of its geo-political isolation and interacting with BRICS founders Russia and China. Due to its rocky relationship with the West and the US in particular, North Korea may consider applying to join BRICS as one of its most powerful new members.
BRICS currently consists of nine nations: the five founders (Brazil, Russia, India, China, South Africa); and four newly added nations. The bloc has welcomed expansion talks over the past year, with more countries gaining interest in joining the de-dollarization initiative. One of the alliances’ biggest goals is to create a new world order where the US dollar is no longer the global reserve. BRICS is working to accomplish this by weakening the greenback, building its own BRICS currency, and working to trade in local currencies instead of USD.
North Korea To Join BRICS At 2024 Summit?
North Korea could be a major contributor to this initiative if invited to join the BRICS alliance. Joining the bloc would be the perfect opportunity to strengthen the economic alliance, find backup support, and move around sanctions. Similarly to Russia, North Korea has had to deal with trade sanctions imposed by the West. Hence, this might fuel the nation to join the bloc and surpass the trade blocks.
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The upcoming Fall summit is set to bring major updates for the BRICS alliance. There, expansion and de-dollarization are expected to be significant topics of discussion. If North Korea receives an invite to attend the summit in Russia, the country may find itself in the front running to join upon the next expansion vote.
Over the last two years, there has been no shortage of countries expressing interest in joining the alliance. From Nigeria to Zimbabwe, a plethora of countries have already done preliminary work to increase their chances. Reports this year indicate that the list of countries seeking entry in 2024 has gone beyond 34 nations.