The Death of the Dollar: 54 Nations Gear Up to Challenge U.S. Dominance

With the highly anticipated event just a month away, 54 nations are set to attend the BRICS 2024 Summit. The bloc announced an increased list of countries that are set to get an invitation from the economic alliance. Moreover, the event should be host to extensive talks of lessening US dollar trade settlements within the group.

The summit attempts to live up to the high bar set in 2023. Then, the economic group announced its first expansion effort since 2001, when it welcomed South Africa. The United Emirates (UAE), Egypt, Ethiopia, and Iran became members last year, bringing the total list of member countries to nine. This year, a similar expansion could take place.

BRICS to Host 54 Nations at 2024 Summit With US Dollar, Expansion on the Agenda

It has been a historic stretch for the BRICS bloc. It has seen a notable increase in its prominence compared to 2022. Moreover, it has become a key economic collective on a global scale. That should be set to magnify this year, with a critical event on the horizon.

Indeed, there are as many as 54 nations that could attend the BRICS Summit 2024. According to Russian aide, Yury Ushakov, 36 heads of state have been invited. Additionally, 18 countries have already confirmed they will be attending.

The event is poised to be the biggest in the bloc’s history. Although 2023 had the most historic announcement, officials have lauded the preparation for its succeeding event. “We are satisfied with the way the perpetration [for the summit] is going,” Ushakov said. “The preparations are indeed serious, as the event is of an unprecedented scale.”

It could also have an unprecedented impact on global finance. The bloc has been developing its BRICS Pay system. Blockchain-based, it is set to be the global south’s answer to the West’s SWIFT. Additionally, it could finally see its debut at the upcoming summit.

Expandions talks have also been ongoing. Dissention has formed on how to handle that, as a host of nations are interested in joining the collective. Reports from February said over 30 countries were interested in joining. That has only increased over the last seven months.

Thailand and Venezuela have sought to submit official inquiries of entry. Additionally, Turkey became the first NATO nation to seek a place in the bloc. There is no certainty expansion will be present this year. However, that will not dictate what a historic geopolitical event should be.

This article originally appeared on Watcher Guru.