At the BRICS 2023 Annual Summit, the economic alliance made a landmark announcement. Indeed, it invited six nations to join its ranks in what was its first expansion effort since 2001. Now, heading into the subsequent summit, the BRICS bloc is preparing to make a host of announcements that will rival those of the preceding year.
There is no shortage of ambitious projects on the docket for the alliance. With the alliance firmly committed to its de-dollarization initiatives and growth strategies, the geopolitical sector should see monumental announcements taking place under Russia’s chairmanship for the upcoming Summit.
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BRICS 2024 Summit to Continue Expansion Trend
Amid the rather extensive list of potential BRICS announcements to take place during its 2024 summit, expansion appears to be the most likely. The move was the crowning moment of last year and proved to be immensely successful.
Following its 2023 incarnation, the RBICS bloc welcomed five nations into the collective. Specifically, those included Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia.
Although Argentina was the sixth country to receive an invitation, it had rejected the offer amid a regime change. Javier Milei was elected president, with his administration seeking to dollarize the economy.
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However, the five additional members have already proven to bolster and fortify the bloc’s growth prospects for the coming years. Moreover, the alliance has already confirmed that a similar expansion will be present in 2024.
Specifically, in December 2023, India’s Minister of External Affairs confirmed the alliance had already agreed on another six-nation expansion effort in 2024. Although that agreement took place, it was also stated that the bloc still needs to decide who will be invited.
Over the last two years, there has been no shortage of countries expressing interest in joining the alliance. From Nigeria to Zimbabwe, a plethora of countries have already done preliminary work to increase their chances. South Africa Foreign Minister Naledi Pandor noted in February noted the list of countries seeking entry exceeded 34.
New Currency Project to Come to Fruition?
Although expansion is all but assured to be announced, there is some concern regarding the bloc’s ongoing currency project. The alliance has continued its work on the development of its own native currency. However, they have also stated the ongoing work required to make it a viable endeavor.
Russia, the BRICS 2024 chairmanship holder, has stated its efforts to implement a BRICS payment system. That has arrived in the form of BRICS Pay, but it is also differentiated in its goals for an integrated system allowing ease of cross-border payments.
Additionally, the bloc is working on a digital currency option to grant the bloc its own native currency offering. The buzz around the project had permeated throughout 2023, with many expecting this announcement to take place then.
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However, with its continued work over the last year, many now point to 2024 as the day of its announcement. The potential for the announcement is there, but it still may be held off as the project undergoes necessary development and testing.
Conversely, the BRICS alliance is still expected to make an announcement regarding the state of its active currency endeavor at its 2024 summit. The countries within the bloc have not been shy about their commitment to this idea. Therefore, a signal of its direction regarding a potential launch date should arrive.
The alliance is likely to also share an update on its de-dollarization plans. Whether this is in the form of renewed local currency settlement promotion, or other avenues,. Lessening international reliance on the dollar has been a pillar of the bloc’s infrastructure. That should continue with whatever BRICS announcements are made at the 2024 summit.
