Interest in BRICS membership is on the rise, with seven countries applying to join just one week after the recent foreign ministers' meeting.
Delsey Rodriguez, Venezuela’s vice president, announced at an economic seminar in Caracas that the South American nation is another new candidate.
This follows the bloc’s move at its annual summit in 2023, when it invited and approved the accession of Iran, Ethiopia, Egypt and the UAE.
Along with Venezuela, Thailand, Malaysia, Zimbabwe, Colombia, Vietnam and Pakistan have also applied for membership. Rodríguez emphasized Venezuela’s readiness to accept the changing world order.
Pakistan, through Senator Mushahid Hussain Syed, expressed its interest in joining BRICS for the first time, stressing increasing efforts of Russia and China in Southeast Asia to strengthen BRICS influence.
With Thailand and Malaysia, which are preparing for membership, BRICS is poised for a potential second expansion at its annual summit in October 2024, underscoring the alliance’s growing geopolitical importance.
In a recent live address, U.S. President Donald Trump declared that a new base tariff of 10% would be applied universally to all countries.
Consumer spending in the U.S. showed weaker-than-expected growth in February, increasing only 0.1%, which was on the lower end of economists’ forecasts.
In February, the U.S. maintained its annual inflation rate at 2.5%, as reflected in the Personal Consumption Expenditures (PCE) Price Index, according to data released by the Bureau of Economic Analysis.
UBS has issued a stark warning to investors, flagging stagflation as a looming economic threat.