More than 40 countries have expressed their interest in joining the BRICS alliance in 2024. Among those, seven new countries have formally applied to join the bloc this year alone. Developing countries from Asia, Africa, and South America find the BRICS idea of de-dollarization lucrative.
Also Read: BRICS: China Dumped $48.9 Billion in US Treasuries in Quarter 1
Read here to know the list of seven new countries that have submitted their applications to join BRICS in 2024. The development indicates that BRICS is seen as a beacon of hope in the fight against the supremacy of the US dollar.
However, BRICS member India seems to not be keen on inducting many more countries into the bloc in 2024. Reports suggest that India wants to slow down on inducting other countries into the alliance. Only Russia and China are eager to expand the grouping to take on the US dollar and America’s foreign policies.
Also Read: Proposal to Launch BRICS Currency Gains Steam: Expert
India Disinterested To Allow New Members Into BRICS in 2024
With more than 40 countries queued up for memberships, India is the only country that wants to limit entry of members. “India wants the BRICS to retain its original essence of an equal partnership,” said a source to Businessline.
Also Read: BRICS: India & China Agree To Ditch US Dollar For Imports
“New Delhi wants a gap of about five years before admission of a second group of countries into BRICS. It believes that a minimum time would be needed for the bloc to adjust its functioning after the admission of the new countries in 2024. It has emphasized this in recent meetings of senior officials and sherpas,” the source summed it up.
Therefore, there are high chance that India might express displeasure with the idea of BRICS expansion in 2024. In addition, it is the only bloc that is looking to launch a new currency or trade in local currencies to challenge the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
