The next BRICS summit is scheduled to be held in October 2024 in the Kazan region of Russia. The 16th BRICS summit could see many more developing countries being inducted and the expansion might be announced this year. The alliance is assembling a series of nations that are willing to ditch the US dollar and trade in local currencies. The move puts the US dollar on the back foot while local currencies look to take the driver’s seat of the global economy.
Read here to know how many sectors in the US will be affected if BRICS completely stops using the dollar for international trade. The development could wreak havoc in the American financial sector and lead to hyperinflation in the homeland.
Also Read: 5 U.S. Sectors To Be Affected If BRICS Ditches the Dollar For Trade
BRICS: 25 Countries Look To Join The Alliance in 2024
Around 25 new countries are now looking to be inducted into the BRICS bloc in 2024. The developing nations want to strengthen their local currencies which will inadvertently boost their native economies. The developing countries are looking to bypass the US dollar for trade by putting local currencies first. Joining the BRICS bloc is the only way to achieve the phenomenon and trade with like-minded member countries.
Also Read: BRICS: $2 Billion Copper Trade To Be Paid In Chinese Yuan, Not US Dollar
South African BRICS ambassador Anil Sooklal confirmed that nearly 25 countries have formally sent their applications to join the bloc. “Over 20 countries have formally applied to join BRICS, while the same number have expressed interest,” he said.
Sooklal revealed that there is a huge demand from developing countries to be inducted into BRICS in 2024. The development highlights that many nations want to get away from the US dollar and promote local currencies instead. Therefore, the year 2024 could be a game-changer for BRICS as another round of expansion is on the cards.
Also Read: BRICS: China’s Central Bank Dumping US Dollar in the Currency Market
If many countries begin to ditch the US dollar, the harder it will be for America to fund its deficit. The US dollar will lose the supply and demand dynamics in the currency markets and be pushed into the path of a decline.
