The countries from Asia, the global south, Africa, and even Europe are considering securing a spot in BRICS this year.
The upcoming BRICS summit will be held in the Kazan region of Russia in October 2024. The 16th summit will see a new influx of applications from countries that are preparing to join BRICS this year.
India’s Foreign Affairs Minister S Jaishankar confirmed that more than two dozen countries intend to join BRICS in 2024. The development indicates that developing countries trust the alliance and want to distance themselves from the US dollar. The spiraling debt of $34 trillion is a burden to developing countries that hold billions in US dollars as reserves, watcher.guru.com reported.
Therefore, the developing nations are aiming to reduce the risk of debt by putting their local currencies first for trade.
Earlier, Venezuelan President Nicolas Maduro said that his country will join the BRICS group of emerging economies in the near future.
He pointed out that the "old colonial world with wars, interventions, genocide and a superiority complex" is being replaced by "a new world with BRICS."