BRICS Alliance Set to Expand Membership at 2024 Summit

The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is gearing up for its 16th summit in the Kazan region of Russia in October 2024. This summit is expected to be significant as the alliance plans to announce the memberships of new countries that have expressed interest in joining the bloc.

According to a Russian official, discussions about expanding the alliance are actively taking place, with invitations being sent to new developing countries that have shown enthusiasm in becoming part of BRICS. Russia’s Deputy Minister of Foreign Affairs, Sergey Ryabkov, highlighted in an interview with TV BRICS that the upcoming summit in Kazan will mark a new chapter in the interaction between BRICS countries.

Ryabkov emphasized that the newcomers are eager to work on the agenda developed by the Russian Chairmanship in consultation with all participants. This indicates that interested nations will need to align with the requirements set by the alliance to be considered for membership.

As of April 2024, approximately 35 countries have expressed their interest in joining BRICS, with some formally submitting applications and others informally expressing their desire to be part of the alliance. The expansion of BRICS is expected to have implications on the global economic landscape, particularly on the dominance of the US dollar.

The de-dollarization initiative within BRICS is seen as a challenge to the US currency, with more countries reducing their reliance on the greenback. This shift could potentially impact the stability of the US dollar in international trade and finance.

Looking ahead to the summit in Kazan, Ryabkov highlighted that it will serve as a platform to build on previous decisions and agreements made by the leaders of BRICS countries. He emphasized the growing importance of BRICS and the policy-shaping role of the Russian chairmanship in the alliance.

While the exact number of countries receiving formal invitations to join BRICS is yet to be determined, it is noted that five countries were invited in 2023, with only four joining at the beginning of 2024. This suggests that the alliance may be more selective in extending invitations this time around.

Overall, the upcoming BRICS summit in Kazan is expected to set the stage for the alliance’s expansion and further solidify its position as a key player in the global economic landscape. The addition of new members will not only enhance the diversity of the alliance but also potentially impact the dynamics of international relations and trade.