De-Dollarization Accelerates as 40 More Nations Are Likely to Join BRICS

The BRICS alliance could announce another round of expansion in the upcoming 2024 summit. The 16th summit is scheduled to take place in October in the Kazan region of Russia. The new members UAE, Egypt, Iran, and Ethiopia will also take part in the summit and decide on the expansion. Saudi Arabia has yet to provide its decision on joining the alliance and has kept the invitation on hold currently.

The main objective of the BRICS alliance in 2024 is expansion and de-dollarization. The bloc wants to expand its global footprint by inviting new countries to join the alliance. It also aims to make developing countries ditch the US dollar and trade in local currencies for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

Over 40 Countries Look To Join the BRICS Alliance in 2024

Developing countries around the world are expressing their interest in joining the BRICS alliance in 2024. According to the latest update as of April, around 40 countries are looking to join the BRICS alliance this year. Russia’s State Secretary and Deputy Minister of Foreign Affairs Grigory Karasin confirmed that the alliance has received applications from 40 countries.

“More than 40 states are applying for BRICS membership and every month the number of such countries is increasing. This shows that such a free, flexible form of interaction through BRICS is very attractive,” he said during a briefing.

The 40 countries that want to join the BRICS alliance in 2024 mostly hail from Asia, Africa, and Latin America. The majority of the countries have weak economies and see BRICS as their only saving grace to uplift their region. However, not all countries will be allowed entry into the bloc as the alliance seeks something in return that also benefits the grouping.

This article originally appeared on Watcher.Guru