The BRICS summit is now three weeks away. Several countries interested in joining the bloc have recently confirmed their participation at the summit. Russian Deputy Foreign Minister Sergei Ryabkov spoke Thursday on the upcoming summit, confirming that at least 30 countries will attend the summit, with some expecting invitations to officially join the alliance.
In particular, Ryabkov said that 30 delegations had confirmed their participation and the membership of new countries might be considered. This includes several countries from Asia, Africa, and the Middle-Eastern region. According to the Russian Deputy Foreign Minister, Turkey will also be in attendance, after submitting their official request to join BRICS last month.
BRICS To Bring In More Members To Fight US Dollar
The BRICS alliance is giving hope to developing countries that want to break away from the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. The developing countries want to use local currencies for trade to strengthen their native economies. However, the US dollar is hindering their growth potential. Therefore, these nations are now looking ahead towards the upcoming summit as a potential getaway from the depreciating greenback.
BRICS was founded in 2006 by Brazil; Russia; India; and China, with South Africa joining in 2010. Earlier this year, the bloc underwent a major expansion: now including Iran, Egypt, Ethiopia, and the United Arab Emirates. With more nations aiming to join the alliance this year, its plans of de-dollarization are gaining momentum worldwide.
Also Read: BRICS: China Dumps $21B Net US Treasuries Since Beginning of 2024
The BRICS summit is scheduled to be held from October 22 to 24, 2024 in the Kazan region of Russia. On the menu for discussion will be continued de-dollarization, the development of BRICS currency, and precisely how many countries would be involved in the expansion. Notably, the Foreign Minister of Belarus Maxim Ryzhenkov recently revealed that BRICS plans to add 10 countries at the 16th summit. He added that he expects Belarus to be one of the 10.
