For the past few months, the BRICS economic alliance has been slowly setting the stage for the coming year. Following a massive expansion plan announced at its 2023 Annual Summit, it has integrated those key nations in massive ways. However, as the year comes to a close, could the BRICS bloc be set to make a major announcement in 2024?
The economic alliance has not been shy about instituting policies and decisions that have massive geopolitical ramifications. Whether it be its overarching de-dollarization plans to completely shift the perspective of global trade or its newly added members. What could we be set to see transpire as we quickly approach a new year?
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BRICS Set to Announce Further Expansion or Native Currency?
Throughout 2023, the BRICS bloc has grown into a more prominent role within the global power balance. Indeed, the alliance has seen its reach and importance expand with the arrival of six new countries being made official in January. With the new year fast approaching, could the BRICS alliance be set to make a major announcement in 2024?
The potential for a landmark announcement is certainly a possibility for the alliance. However, just what could that announcement be? Currently, two primary announcements could come from the alliance regarding continued expansion and the launch of its long-discussed native currency.
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In 2023, BRICS added Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to its ranks. Although it had also invited Argentina, the nation declined the invitation after a regime change. Subsequently, 2024 could see more of the same, with a host of countries already submitting applications to be included.
Alternatively, since August the bloc has discussed the development of a BRICS currency. Whether based on blockchain technology or being a traditional fiat currency issued by its New Development Bank the idea has persisted. Such a project would certainly come to fruition at next year’s summit.
Moreover, after being developed for more than a year, we could be well on our way to seeing it come to fruition. Ultimately, it would have unprecedented ramifications on global trade and unilateral settlements.