Another new country has expressed its interest in joining BRICS before the 2024 summit in October. The 16th summit is scheduled to take place in the Kazan region of Russia on October 22 to 24. Developing countries are queuing up to join the alliance in part to advance the de-dollarization agenda. Cutting ties with the US dollar could strengthen their local currencies giving their native economies and businesses a boost.
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Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The upcoming 2024 summit will see BRICS taking major decisions about de-dollarization and pushing local currencies forward. The main goal of BRICS is to topple the US dollar from the world’s reserve and replace it with regional currencies.
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BRICS 2024 Summit: Another New Country Expresses Interest To Join
Azerbaijan is the new country that has formally applied and sent its invitation to join BRICS before the 2024 summit. The transcontinental country located at the boundary of Eastern Europe and West Asia is keen to be a part of the bloc. Officials from Azerbaijan have discussed the prospects with Russia and the talks are currently in progress.
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“There is a long queue of those willing to join BRICS. Azerbaijan has indeed stated such willingness (before the 2024 summit). We have talked about it with our Russian colleagues, but this process and issue is in progress,” said the country’s Ambassador to Russia Polad Bulbuloglu.
A total of 46 countries have applied to join the BRICS bloc before the 2024 summit. While around 25 countries have formally sent their invitations to join the alliance, more than 20 nations have informally expressed their interest to be a part of the grouping. However, we must wait and watch if BRICS inducts many more countries during the upcoming summit in October.