Asia's Defection to BRICS Signals a Tectonic Shift in Dollar Confidence

The BRICS alliance expects to expand its bloc members in 2024, already adding multiple new countries in 2023. The bloc is garnering more and more interest with every passing moment it feels like, and more countries are looking to join the de-dollarization mission. As they look to keep making their mark in the global south, BRICS has five more countries in Asia that want to join in 2024.

With the US Dollar on a downturn, more Asian nations are looking to BRICS for an alternative to maintain trade and find a new reserve currency. Here are five countries in the region that are hoping to receive BRICS invites in 2024.

Japan is already working with BRICS founder China on de-dollarization efforts. Hence, it is possible that Japan’s interest in joining BRICS could be rising.

The Japanese Yen is gaining on the US dollar, as the greenback continues to struggle. Furthermore, the Asian nation and Saudi Arabia have also worked on a digital economic partnership. With strong ties with certain BRICS nations already, Japan may look to take the next step in 2024 to join the bloc.

Bangladesh

Rumors surrounding Bangladesh’s joining BRICS have grown in the past few months. Following the South Asian country formally sending its application to join the bloc, Bangladesh recently received support from BRICS founder Brazil to join the alliance.

The Bangladesh and Brazil foreign ministers met to discuss increasing trade between the two countries. They also spoke about further developing bilateral relations. Furthermore, the two foreign ministers signed an agreement on new ways and means of cooperation to ensure balanced trade, according to Prensa Latina.

Indonesia

In early 2023, Indonesia shared its interest in joining BRICS. Following missing out on induction, the country will likely look to join once again in 2024. Back in October, China had expressed its support for inducting Indonesia into the alliance. However, BRICS left Indonesia out as President Joko Widodo stated that the country is in no “rush” to join the group.

Now that 2024 has arrived, Indonesia may be interested in reigniting talks to partner with BRICS and other countries from Asia.  Indonesia joins, the alliance will get a boost in the arms as the country is also looking at ending dependency on the U.S. dollar

Singapore

BRICS member China teamed up with Singapore to allow tourists the option to pay in the digital Chinese Yuan and not the US dollar. With Singapore looking to boost de-dollarization efforts with this move, the country may also look to join the bloc. Already supporting de-dollarization with China, its chances of receiving an invite may be higher than other Asian countries.

Thailand

Thailand is a part of the ASEAN bloc, which contains nine other Southeast Asian countries. These countries’ leaders signed a declaration last year to stop using the U.S. dollar for international trade and aim to promote their local currencies instead. The move bolstered the power of ASEAN nations’ local currencies and led the U.S. dollar into a gradual decline. This objective, of course, coincides with the mission of BRICS to push de-dollarization.

After missing out on a BRICS invite in 2023, Thailand will likely be interested in joining the bloc again in 2024. With expansion imminent and the alliance looking to grow further in the global south and Asia, any of these five countries could become BRICS members by the end of 2024.

This article originally appeared on Watcher.Guru