23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit. The countries hail from Asia, Africa, and South America and are all emerging economies that want to use local currencies for trade instead of the US dollar.
Find out how many sectors in the US will be affected if BRICS ditches the dollar for trade.
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The development indicates that the bloc is lucrative to emerging economies as it provides a solution to help their local currencies grow. The BRICS alliance is at the forefront of the de-dollarization agenda, and developing countries are finding the initiative productive.
Apart from 23 countries officially submitting their applications to join the bloc, 24 nations have informally expressed their interest in joining the BRICS alliance. Thus, the total number of countries willing to join BRICS has grown to 47.
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BRICS: How Many Countries Will Be Inducted Into the Alliance?
Source: AFP
The BRICS summit is scheduled to take place in the Kazan region of Russia on October 22 to 24. A handful of key discussions regarding trade and new deals could be chalked out. The extended usage of local currencies, not the US dollar, for cross-border transactions could also be discussed by the BRICS alliance.
Coming back to inducting new countries, the bloc of nine nations seems divided. While China and Russia want the BRICS alliance to expand, India wants to pause allowing new nations. India had signaled that it wanted to pause adding new countries to the bloc for a minimum of five years.
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This gives the BRICS alliance breathing space and decides on policies that suit the ambitions of the nine-member bloc. However, we will have to wait and watch for the upcoming 16th summit on the decision of expansion.