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More Nations Abandon the Dollar, Embrace BRICS

EDITOR'S NOTES

As the BRICS alliance accelerates its de-dollarization agenda, a surge of developing nations is eagerly lining up to join this formidable bloc. With ten new countries set to join in 2024 and a total of 45 expressing interest, the shift towards using local currencies for trade is gaining unstoppable momentum. This expansion, confirmed by Russia’s Deputy Foreign Minister Sergey Ryabkov, signals a seismic shift in global economic power. The United States must brace for impact as the BRICS coalition strengthens, potentially undermining the dollar’s dominance and threatening the stability of multiple sectors in the U.S. economy.

Eric Blair Jul 8, 24

The list of countries that are ready to join the BRICS alliance in 2024 is rapidly growing. A handful of developing nations are attracted towards BRICS as the bloc is advancing the de-dollarization agenda. The alliance is convincing other countries to use local currencies for trade to strengthen their native economies.

New Countries Ready To Join the BRICS Alliance

Source: Valery Sharifulin (TASS)

Sergey Ryabkov, Russia’s Deputy Foreign Minister and BRICS Sherpa confirmed that many more countries are looking to join the alliance. He revealed that in 2024 alone, around 10 new countries have expressed their interest in joining the BRICS alliance.

While 30 countries have formally submitted their applications to join BRICS, another 15 nations have informally expressed their interest in joining the alliance. Developing countries are looking to make their local currencies stronger and cut ties with the US dollar for trade. Therefore, they believe that BRICS is the only hope that can help them achieve the de-dollarization agenda.

“Over the years of cooperation in BRICS, a very positive and unique culture of dialogue has developed. We have established truly trusting relations,” said Sergey. He added, “This approach is already bearing fruit. After the enlargement, we see a growing interest of developing countries in deepening cooperation with the BRICS alliance.”

“More than 30 countries have already expressed such interest, and this list continues to grow,” Ryabkov pointed out. The alliance has no dearth of countries that are willing to join the grouping in 2024. The decision to induct new countries into the bloc will be based on consensus from existing members.

The chances of a new BRICS expansion in the upcoming 2024 summit remain high. The 16th summit is scheduled to be held in October 2024 in Russia’s Kazan region.

This article originally appeared on Watcher Guru.