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.
The dominance of the US dollar as the world’s primary reserve currency is facing mounting challenges.
Talks of a unified BRICS currency capable of challenging the U.S. dollar have hit a stark reality check. Brazil’s central bank has made it clear: there simply isn’t enough financial firepower within the bloc to support such an ambitious move.
As markets react nervously to renewed trade measures under President Trump, ARK Invest founder Cathie Wood is taking a contrarian stance: she believes the current disruption could ultimately unlock more open markets and long-term growth.
As the global balance of financial power slowly shifts, China is making strategic moves to elevate the yuan as a serious alternative in international trade.