The BRICS alliance will announce the memberships of new countries in the upcoming 2024 summit. The upcoming 16th summit is scheduled to take place in the Kazan region of Russia in October this year. The alliance is expected to send invitations to new developing countries that have expressed their interest to join the bloc.
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As of April 2024, around 35 countries have expressed their interest to join BRICS. While some have formally expressed their interest by submitting the applications, others have informally expressed to join the alliance.
In 2024 alone, three new countries came forward and submitted their application to be a part of the BRICS grouping. Read here to know the names of the three new countries that are ready to join the bloc this year.
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BRICS: New Membership For Countries To Be Announced in The Upcoming October 2024 Summit
The 2024 summit will see a paradigm shift in the global order as many more developing countries will receive BRICS membership invitations. The majority of these countries want to cut ties with the US dollar and use local currencies for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
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Moreover, the larger the BRICS grows in 2024, the bigger the US dollar faces the heat as countries will reduce reliance on the currency. The US dollar will be on the backseat making local currencies sit on the driver’s seat of the global economy.
However, out of the 35 countries, only a handful of nations will receive BRICS membership invitations. The decision to add new countries is consensus-based and all existing members will jointly decide on who is let in. The next decade will be challenging for the US dollar as BRICS aims to uproot it from the global reserve.