India (Commonwealth Union)_ The BRICS bloc (Brazil, Russia, India, China, and South Africa) has garnered significant attention as a ray of hope for developing nations striving to bolster their economic sovereignty. Recently, India took center stage with a bold proclamation, epitomizing the escalating allure of this coalition. Accordingly, S. Jaishankar, India’s Foreign Affairs Minister, disclosed that nearly 30 nations stand ready to align themselves with BRICS, signaling a profound shift in global economic alliances.
Also read: COMMONWEALTH ENTERPRISE CHAIRMAN LORD MARLAND TO VISIT SRI LANKA
During the 15th summit in 2023, the BRICS alliance extended invitations for expansion to six new countries: Saudi Arabia, UAE, Argentina, Egypt, Iran, and Ethiopia. However, the outcome saw only four of these nations joining BRICS in 2024. Argentina rebuffed the invitation, while Saudi Arabia deferred its decision. The deliberations regarding Saudi Arabia’s inclusion in the BRICS remain pending, awaiting further developments. Furthermore, the prospect of BRICS expansion has become a focal point for numerous developing countries aspiring to join the grouping. Many view BRICS as instrumental in facilitating the de-dollarization of their economies and bolstering their local currencies.
Also read: MALAYSIAN FOOD ENTERPRISES SEEK GLOBAL EXPANSION
In a recent interview, India’s Foreign Affairs Minister, S. Jaishankar, reaffirmed BRICS’s intention to expand in 2024. He highlighted the readiness of nearly 30 countries to contribute fresh perspectives and resources to the bloc. This surge of interest from new entrants underscores the perceived value and utility of BRICS. He stated, “We tested it last year in the market, asking how many want to join BRICS. We got almost 30 countries who were willing to join BRICS. Clearly, 30 countries saw value in it, there must be something good with that”.
Considering these developments, it appears likely that BRICS will embark on another round of expansion in 2024. The forthcoming 16th BRICS summit, scheduled for October in Russia’s Kazan region, may provide a platform for this endeavor. In 2024, BRICS welcomed five new members: Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia, solidifying its status as a nexus for emerging economies. Saudi Arabia’s accession, in particular, has spurred interest among other developing nations keen to explore alternative economic alliances. BRICS’s appeal lies in its potential to mitigate reliance on the US dollar, especially amidst escalating US sanctions and mounting dollar-denominated debts.
According to media sources, as of February 2024, a total of 34 countries have expressed interest in joining the BRICS alliance. Additionally, Naledi Pandor, South Africa’s Foreign Minister, also confirmed this surge in interest during a recent press conference. However, specific details regarding the identities of these aspiring members remain undisclosed. The growing interest in joining the BRICS alliance reflects developing nations’ aspirations to navigate the evolving financial landscape. BRICS’s push for a global realignment away from the US dollar toward local currencies promises to challenge the prevailing Western-dominated financial order, potentially reshaping the global economic paradigm.
