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BRICS Expanding: 7 Nations Eye Membership in 2024!

Mon 03 Jun 2024 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Invest

The BRICS is preparing for a major expansion as seven new countries have officially submitted their applications to join the alliance ahead of the 2024 summit. This dynamic, which marks a significant turning point in global geopolitics, testifies to the growing appeal of this bloc and its ambitions to reshape the world economic order. By integrating new nations, the BRICS could redefine international and economic relations, posing challenges and opportunities for global actors.

The BRICS keep expanding!

Seven new membership applications

The BRICS summit, scheduled for October 2024, will mark a crucial stage with the official admission of four new members: the United Arab Emirates, Egypt, Iran, and Ethiopia. This expansion, announced at the last summit, will bring the number of alliance members to nine. According to available information, this meeting will take place in the Kazan region of Russia, under the presidency of Vladimir Putin.

Since the beginning of 2024, seven other countries have expressed their intention to join the BRICS before the next summit. These are Cameroon, Pakistan, Sri Lanka, Syria, Thailand, Venezuela, and Zimbabwe. This initiative demonstrates the appeal of the founding principles of BRICS among developing nations, which see in this alliance a viable alternative to the dominance of the US dollar.

The geopolitical stakes of BRICS expansion

The extension of the BRICS with the potential admission of seven new countries marks a major geopolitical turning point. Each new application brings its share of challenges and opportunities and reshapes the balance of power on the global stage.

Thailand, by recently expressing its interest in joining the alliance and wishing to participate in the 2024 summit, highlights the growing appeal of the BRICS for emerging economies. This strategic move could strengthen the country’s position as a key player in the Asian region, by diversifying its economic and political partnerships.

Pakistan, for its part, is in advanced discussions with Russia for its integration, although tensions with India might complicate the process. A situation that illustrates the geopolitical complexities within the BRICS, where regional rivalries can influence the bloc’s strategic decisions.

The implications of this expansion are vast. The BRICS aims to dethrone the US dollar as the world’s reserve currency by encouraging the use of local currencies for international trade. Such a transition could disrupt the established economic order and have significant repercussions on economies dependent on the dollar.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.