In the latest update, a total of 45 countries are preparing to join the BRICS alliance weeks ahead of the summit. The new country that expressed interest and formally submitted its application to join the BRICS bloc is Palestine. A growing number of countries are showing discontent with the U.S. dollar and America’s control over global finances. Therefore, BRICS is making use of the dissatisfaction by convincing other countries to ditch the U.S. dollar and trade in native currencies.
Also Read: BRICS Bank To Increase Funding in Local Currency, Ditching U.S. Dollar
BRICS is successful in convincing other countries to settle cross-border transactions in local currencies sidelining the U.S. dollar. Pakistan, Iran, Iraq, and ASEAN countries are ditching the U.S. dollar and looking to promote local currencies for trade.
BRICS: 45 Countries Ready To Join BRICS
A total of 23 countries have formally applied to join the BRICS alliance weeks before the summit. Another 22 countries have expressed interest to enter the bloc but have not sent their formal applications yet. This takes the tally to 45 countries that are looking to be a part of the BRICS alliance at the upcoming summit.
Also Read: Will U.S. Economy Be Impacted if BRICS Trade In Local Currencies?
The 23 countries that have formally applied to join BRICS are Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Cuba, Egypt, Ethiopia, Honduras, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, Palestine, Saudi Arabia, Senegal, Thailand, the United Arab Emirates, Venezuela, and Vietnam.
Moreover, the development puts the U.S. dollar at risk as more countries are willing to stop using the greenback for trade. Read here to know how many sectors in the U.S. could be affected if the Dollar is decimated by BRICS.
Also Read: South Africa Makes Huge Announcement on BRICS Currency
The decision for BRICS expansion will be combinedly taken by the members at the upcoming summit in Johannesburg. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The next summit is scheduled on August 22 to 24 in South Africa. Leaders from 69 other countries have been invited to attend the summit, revealed Ambassador Anil Sooklal.
