The BRICS alliance expects to expand the bloc’s membership in 2024 and add some new countries already in 2023. Interest in this bloc is growing by the minute, and more countries are wishing to join the de-dollarization mission. To continue increasing its prestige in the Global South, BRICS has five more countries in Asia hoping to join him in 2024.
What is BRIC?
The acronym BRIC originally did not include South Africa, but in 2001 by then Goldman Sachs chief economist Jim O`Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.
The bloc was founded in 2009 as an informal club to provide its members with a platform to challenge the world order dominated by the United States and its Western allies.
Its creation was initiated by Russia.
This group is not a formal multilateral organization like the United Nations, the World Bank, or the Organization of the Petroleum Exporting Countries (OPEC).
The heads of state and government of the member states meet annually, with each country taking turns in chairing the meeting for one year.
More Asian countries are turning to the BRICS as an alternative for the US dollar as a reserve currency as trade between them declines. The following five countries in the area are hoping for 2024 invitations to the BRICS invites.
1. Japan
Japan is already engaged in de-dollarization efforts with BRICS founder China. For this reason, Japan’s interest in joining BRICS may increase.
While the Japanese yen is increasing in value against the US dollar, the US dollar continues to struggle. Additionally, the Asian country and Saudi Arabia are also working on a digital economy partnership. Since Japan already has close ties with certain BRICS countries, it may want to take the next step towards joining BRICS in 2024.
2. Bangladesh
Rumors about Bangladesh joining the BRICS countries have increased in recent months. Bangladesh recently received support from BRICS founder Brazil to join the alliance after the South Asian country formally submitted its application for membership.
Foreign ministers of Bangladesh and Brazil met to discuss expanding trade between the two countries. The two leaders also discussed further development of bilateral relations. Additionally, the two foreign ministers signed an agreement on new ways and means of cooperation to ensure balanced trade, according to Prensa Latina newspaper.
3. Indonesia
At the beginning of 2023, Indonesia announced its interest in joining BRICS. It is highly likely that the country, which missed out on membership, will aim to rejoin in 2024. China had already expressed support for Indonesia to join the alliance in October. However, BRICS excluded Indonesia after President Joko Widodo said there was “no need” for the country to join the group.
Now that 2024 has arrived, Indonesia may be interested in restarting partnership negotiations with BRICS and other Asian countries. Indonesia’s participation would further accelerate the alliance as the country also aims to end its dependence on the US dollar.
4. Singapore
BRICS member China has teamed up with Singapore to give tourists the option of paying in digital Chinese yuan instead of US dollars. With this move, Singapore is trying to move forward with its de-dollarization efforts, and the country may also aim to become a member. The country already supports de-dollarization with China, so its chances of receiving an invitation may be higher than other Asian countries.
5. Thailand
Thailand is part of the ASEAN bloc, which includes nine other Southeast Asian countries. Leaders of these countries signed a declaration last year to end the use of the US dollar in international trade and promote their own currencies instead. This move strengthened the strength of local currencies in ASEAN countries and led to a gradual depreciation of the US dollar. Of course, this goal is consistent with the BRICS mission to promote de-dollarization.
Thailand, which missed out on her BRICS invitation in 2023, is likely to show interest in her rejoining the BRICS in 2024. Expansion is imminent, with the alliance aiming for further growth in the Global South and Asia, with each of these five countries potentially becoming a member of her BRICS by the end of 2024.