July 22, 2023 11:36 AM | 2 min read
The BRICS alliance, an association of the five major emerging economies of Brazil, Russia, India, China, and South Africa, is witnessing an increasing number of nations showing interest in joining its ranks.
The surge in interest corresponds with an increasing number of countries willing to adopt the BRICS currency for international trade, potentially diminishing the dominance of the U.S. dollar.
South African ambassador Anil Sooklal confirmed to Reuters that the BRICS alliance has received both formal and informal applications.
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The decision to create a new currency will be a collective one, made by the five nations at the upcoming summit in August.
The 15th BRICS summit is set to take place in Johannesburg, South Africa.
So far, a total of 44 countries have expressed their desire to become part of the BRICS alliance. This includes 22 countries that have formally applied and another 22 that have informally shown interest.
“Twenty-two countries have formally approached BRICS, an equal number of informal approaches,” Sooklal confirmed.
According to Reuters, the ambassador pointed out that this trend of new countries seeking to join the alliance has been ongoing for over a year.
“This knocking on the door is nothing new,” he stated.
Sooklal further noted that Argentina and several other South American countries have officially submitted their applications for membership.
Argentina, and all the major Global South countries, have applied, he said.
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In addition, Saudi Arabia and the United Arab Emirates have also expressed a desire to join BRICS.
“They are quite weighty countries,” Sooklal noted.
The upcoming summit will also address the potential expansion of BRICS, with the possibility of the group becoming BRICS+ by the end of the year.
This development could significantly strengthen the alliance financially, enabling it to challenge the U.S. dollar.
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