The BRICS alliance is attracting new requests from countries around the world to be a part of the bloc. A handful of developing countries are looking to end reliance on the U.S. dollar and trade in their native currencies instead. The U.S. pressing sanctions against other nations is what led to several countries decide on ditching the dollar. The path for the greenback’s prospects looks bleak as the number of countries willing to join BRICS is growing.
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BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The next summit is held in Johannesburg on August 22 to 24. The bloc of five nations will jointly decide on the induction of new countries in the upcoming summit.
40 Countries Ready To Join BRICS Alliance
Around 40 countries have expressed their interest to join the BRICS alliance a month ahead of the summit. BRICS Ambassador Anil Sooklal confirmed to Reuters that “All the major global south countries” have expressed interest to join the bloc. He revealed that BRICS aims to become a champion of the developing world and initiate trade agreements in local currencies.
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The bloc would ditch the U.S. dollar for cross-border transactions and strengthen their respective native currencies. The move would level the playing field giving opportunities for all countries to thrive in the international markets.
Countries such as Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have all expressed interest. This indicated that the developing world is disgruntled with the Western powers dominating the financial sector giving no room for others to grow.
Also Read: BRICS: India Convinces 22 Countries to Trade in Rupee, Ditch US Dollar
Therefore, BRICS is seen as a saving grace and the only option now that could challenge U.S. dollar supremacy. Read here to know how many sectors in the U.S. could be affected if the dollar is denounced by other countries.
