The BRICS alliance sent its first invitation to Venezuela to attend the 16th summit in October 2024. The summit is scheduled to be held in the Kazan region of Russia from October 22 to 24. Venezuelan President Nicolas Maduro has received the invitation and will participate in the upcoming summit.
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Venezuela has expressed its interest in joining the BRICS alliance in 2024. The South American country had formally submitted its application to be a part of the grouping. However, there is no guarantee that Venezuela will be inducted into the alliance after the 16th summit.
The decision to induct new countries is based on consensus from the existing nine-member alliance. This is an invitation to attend the BRICS summit only and not induction into the bloc. “As BRICS chair, President Vladimir Putin invites President Nicolas Maduro to attend the BRICS+ summit,” read the invitation.
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What Will Take Place At the BRICS Summit in October 2024?
The BRICS summit in October will decide the prospects of the alliance for the coming years. The bloc will discuss the formation of a new currency and also look at ways to end dependency on the US dollar. The group will also reach a consensus about inducting new countries into the alliance to strengthen their trade policies.
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The alliance will send many more invitations to developing countries to attend the BRICS summit in October. The development makes emerging economies believe that a world without the dominance of the US dollar is possible. The bloc will also convince developing countries to put local currencies forward and end reliance on the US dollar.
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade after the summit. The next few decades will be challenging for the US dollar and economy as de-dollarization is rapidly accelerating worldwide.