BRICS attracts more countries: The end of the dominance of the dollar?

BRICS attracts more countries


  • A growing number of countries, a total of 44, have expressed interest in joining the BRICS alliance.
  •  With the growing interest in BRICS, more countries are willing to adopt the alliance’s currency for international trade.
  •  The upcoming BRICS summit will address the possibility of expanding to BRICS+, significantly strengthening their global financial influence.

The BRICS alliance, which brings together the five main emerging economies of Brazil, Russia, India, China and South Africais experiencing an increase in the number of nations interested in joining its organization.

This rise in interest coincides with the growing number of countries willing to adopt the BRICS currency for international trade, which could lessen the dominance of the US dollar.

South African Ambassador Anil Sooklal confirmed to Reuters that the BRICS alliance has received both formal and informal requests.

The decision to create a new currency will be a collective one, taken by the five nations at the next summit in August. The 15th BRICS summit is scheduled to take place in Johannesburg, South Africa.

So far, a total of 44 countries have expressed their desire to join the BRICS alliance. This includes 22 countries that have formally applied and another 22 that have informally shown interest.

“Twenty-two countries have formally approached BRICS, an equal number of informal approaches,” Sooklal confirmed.

According to Reuters, the ambassador noted that this trend of new countries seeking to join the alliance has continued for more than a year.

“This knock on the door is nothing new,” he said.

Sooklal also mentioned that Argentina and several other South American countries have officially submitted their applications for membership.

“Argentina and all the major countries in the Global South have submitted applications,” he said.

In addition, Saudi Arabia and the United Arab Emirates have also expressed their desire to join the BRICS.

“These are quite influential countries,” Sooklal said.

The upcoming summit will also address the possible expansion of BRICS, with the possibility of the group becoming BRICS+ by the end of the year. This development could significantly strengthen the financial alliance, allowing it to challenge the US dollar.