Anticipated Announcement of New BRICS Alliance Members at 2024 Summit
The upcoming 16th summit of the BRICS alliance, scheduled to take place in the Kazan region of Russia in October this year, is expected to unveil new countries joining the alliance. These emerging nations have expressed a strong desire to become part of the bloc and invitations will be extended to them.
Ongoing discussions regarding the expansion between Russia and the bloc have been confirmed by a Russian official. Sergey Ryabkov, Russia’s Deputy Minister of Foreign Affairs, shared insights on the increasing opportunities for new countries to join the bloc during an interview with TV BRICS. He emphasized the significance of the upcoming summit in Kazan as a milestone in the collaboration among the BRICS countries.
Although the bloc initially lacked experience in expanding in 2024, there is now a belief that they possess sufficient knowledge to sustain their expansion efforts. Ryabkov acknowledged the enthusiasm displayed by all the newcomers and their readiness to work substantively and professionally on the agenda developed by the Russian Chairmanship in consultation with all participants.
To guide interested nations on how to interact with the alliance, specific requirements will be established. As of April 2024, approximately 35 countries have shown interest in joining BRICS. Some have formally submitted their applications, while others have expressed their interest in a more informal manner.
In addition to expanding, the BRICS alliance aims to reduce dependence on the US dollar, which will put increasing pressure on the currency. Several nations are expected to decrease their reliance on the US dollar, and the de-dollarization efforts by the BRICS nations are exacerbating the challenges faced by the currency. Ryabkov highlighted the upcoming summit as an opportunity to build on the decisions and agreements made by the leaders, emphasizing the growing importance of BRICS and the policy-shaping role of the Russian chairmanship.
The BRICS alliance is making progress towards eliminating the US dollar from global trade and transactions by 2024. The bloc seeks to prioritize the use of local currencies to strengthen their domestic economies and businesses. They are also urging other developing countries to settle cross-border transactions in local currencies.
A recent trade agreement between China and Russia involves the use of their respective local currencies for transactions worth $260 billion. The Chinese Yuan and the Russian Ruble will be used for payment settlements, rather than the US dollar. The Chinese Yuan will account for 95% of the trade, with the remaining 5% being paid in Russian Ruble and Euro. This demonstrates the strong commitment of the BRICS alliance to advance the de-dollarization agenda.
An analyst highlighted the significant trade between China and Russia, amounting to $260 billion, and the minimal use of the US dollar. The analyst predicts that this de-dollarization trend will soon be replicated among all BRICS+ members.
