A handful of developing countries are preparing to join the BRICS alliance in 2024. Developing countries from Asia, the global south, Africa, and even Europe are considering securing a spot in BRICS this year. The upcoming BRICS summit will be held in October 2024 in the Kazan region of Russia. The 16th summit will see a new influx of applications from countries that are preparing to join BRICS this year.
India’s Foreign Affairs Minister S Jaishankar confirmed that more than 2 dozen countries want to join BRICS in 2024. The development indicates that developing countries trust the alliance and want to distance themselves from the US dollar. The spiraling debt of $34 trillion is a burden to developing countries that hold billions in US dollars as reserves.
Therefore, developing nations are aiming to reduce the risk of debt by putting their local currencies first for trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
The Foreign Minister said that the new applications speak for themselves as countries see value in the BRICS alliance. “We tested it last year in the market, asking how many want to join BRICS. We got almost 30 countries who were willing to join BRICS. Clearly, 30 countries saw value in it, there must be something good with that,” he said to ANI.
Read here to know the full list of 30 countries that are preparing to join the BRICS alliance this year in 2024. Another round of expansion could take the alliance a notch higher making it financially stronger to take on the West.
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