The BRICS alliance is expected to announce new members at a summit in 2024. The next 16th summit is scheduled to be held in Russia’s Kazan region in October this year. The alliance will extend invitations to new developing countries that have expressed interest in joining the bloc.
By April 2024, approximately 35 countries have expressed interest in joining her to BRICS. Some have formally expressed their interest by submitting applications, while others have informally announced their intention to join the alliance.
In 2024 alone, three new countries registered and submitted applications for inclusion in the BRICS group. Read here to find out the names of the three new countries set to join the block this year.
BRICS: New member countries will be announced at the October 2024 summit
The 2024 summit will see a paradigm shift in the world order as more developing countries will be invited to join BRICS. It will be done. Most of these countries want to sever ties with the US dollar and use their local currencies for cross-border transactions.
Furthermore, as the BRICS countries grow in size in 2024, the value of the US dollar will also increase as each country becomes less dependent on its currency. The US dollar will take a backseat, and local currencies will take the lead in the global economy.
However, only a handful of the 35 countries receive an invitation to join BRICS. Decisions to admit new member states are made by consensus, with all existing member states deciding together who to admit. The next decade will be difficult for the US dollar as BRICS countries want to withdraw the US dollar from global reserves.
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