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BRICS: Will new members of the union be announced in 2024?

20.04.2024 8:00 2 min reading
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BRICS: Will new members of the union be announced in 2024?

At the upcoming summit in 2024, which will be held in October in the Russian city of Kazan, the BRICS alliance is ready to introduce its newest members.

This 16th summit carries considerable weight as it promises to extend invitations to new participants who wish to join the bloc.

With over 35 countries having expressed interest in joining BRICS as of April 2024, the stage is set for expansion. Some countries have made formal submissions, while others have informally expressed their intentions.

It is remarkable that in this year alone, three new contenders have emerged, eager to secure the coveted place in the BRICS.

Expectations are high as the summit approaches, heralding a potential shift in the global landscape.

The allure for developing countries to join BRICS lies in their desire to reduce their dependence on the US dollar, opting instead for local currencies in cross-border transactions. The implications of this move for various sectors of the US economy remain speculative.

As BRICS expands in 2024, the influence of the US dollar is expected to diminish and local currencies will gain more weight in shaping the global economic landscape.

However, among the influx of interested parties, only a select few will receive the coveted BRICS invitations. The decision-making process on new members is based on consensus, with existing members collectively determining new additions.

Looking ahead, the next decade will present the US dollar with serious challenges as the BRICS seek to weaken its dominance as the world's reserve currency.

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