30 New Countries Set to Join BRICS Alliance in 2024
In a significant development, a multitude of developing nations are poised to join the BRICS alliance in 2024, signaling a shifting global economic landscape. The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is set to expand its membership base with an influx of applications from countries across Asia, Africa, Europe, and the global south. This pivotal move comes as these nations seek to bolster their economic resilience and reduce dependency on the US dollar amidst spiraling debt concerns.
Upcoming BRICS Summit in 2024
The 16th BRICS summit, scheduled for October 2024 in the Kazan region of Russia, will serve as the platform for deliberating on the new membership applications. This summit is anticipated to witness a surge in interest from aspiring member states eager to align themselves with the BRICS agenda of promoting multilateralism and economic cooperation.
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Growing Trust in BRICS Alliance
Indian Foreign Affairs Minister Jaishankar, confirmed the burgeoning interest in BRICS membership, revealing that over two dozen countries are vying to join the alliance in 2024. This surge in applications underscores the growing trust and confidence in the BRICS alliance as a viable alternative to the prevailing global economic order dominated by the US dollar.
Focus on Local Currency Trade
One of the driving forces behind the push for BRICS membership is the desire among developing nations to mitigate the risks associated with holding significant reserves in US dollars. With a staggering global debt of $34 trillion, developing countries are increasingly prioritizing trade in their local currencies to safeguard against economic vulnerabilities.
BRICS Expansion Plans
Jaishankar hinted at the possibility of BRICS expansion in 2024, citing the overwhelming response from prospective member states. He emphasized that the interest expressed by 30 countries underscores the perceived benefits and value proposition offered by the BRICS alliance, paving the way for a strengthened and more resilient economic bloc.
Anticipated Impact
The forthcoming expansion of the BRICS alliance holds the promise of bolstering its financial prowess and positioning it as a formidable player on the global stage. As these new members join forces with the existing BRICS nations, the alliance is poised to assert greater influence and challenge the dominance of Western economic institutions.
The imminent influx of 30 new countries into the BRICS alliance signals a seismic shift in the global economic landscape, with developing nations increasingly gravitating towards alternative avenues of economic cooperation and resilience-building. As the BRICS alliance gears up for expansion, it stands poised to usher in a new era of multipolar economic order, reshaping the dynamics of global trade and finance.
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