The BRICS summit is scheduled to be held from October 22 to 24, 2024 in the Kazan region of Russia. The 16th summit will see nine countries at the table to discuss issues about trade and opportunities to use local currencies. Four new nations joined the bloc this year which includes the UAE, Egypt, Ethiopia, and Iran. Argentina rejected the membership while Saudi Arabia has kept the decision to join pending.
Also Read: BRICS: 40 Countries Want To Ditch the US Dollar
On the heels of the BRICS 2024 summit, more than 40 countries have expressed their interest to join the bloc. While around 25 countries have formally submitted their applications, nearly 15 nations have informally expressed their desire to be a part of the alliance. Most of these nations hail from Asia, Africa, and South America.
Almost all the countries that are interest to join the bloc wants to end reliance on the US dollar and promote local currencies for trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
Also Read: BRICS: Purchasing Power of the US Dollar Could Fall From 3% to Zero
10 New Countries Prepare to Join BRICS After 2024 Summit
A new report indicates that the BRICS bloc could induct 10 new countries during the 2024 summit. The Foreign Minister of Belarus Maxim Ryzhenkov revealed that BRICS plans to add 10 countries in the 16th summit. Ryzhenkov expressed optimism that Belarus could also be inducted into the bloc in the upcoming summit.
Also Read: US Dollar Dominates, But De-Dollarization Advances Rapidly
Belarus has formally applied to join the alliance and is eager to be a part of the grouping. If inducted, it could be the first country from Eastern Europe to join BRICS after the 2024 summit. The Eastern European nation is reeling under sanctions from the US and the European Union (EU). It wants to break free from the sanctions and BRICS is the only option that can help its economy sustain.
