With the BRICS Summit all set to begin on August 22 in South Africa, a lot is being said about the possibility of not one or two, but as many as 40 nations being interested in joining the BRICS. This comes at a time when there are multiple reports about BRICS planning to replace the US dollar as its currency amid the ongoing de-dollarization attempts around the globe.
BRICS nations are set to hold the 15th BRICS summit in Johannesburg between August 22 and August 24.
More than 40 countries, including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed interest in joining BRICS.
These countries view BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hope membership will unlock benefits including development finance, and increased trade and investment.
As per a Reuters report, dissatisfaction with the global order among developing nations was exacerbated by the COVID-19 pandemic when life-saving vaccines were hoarded by the rich countries.
Iran, home to around a quarter of the Middle East's oil reserves, has said it hopes the mechanism for new membership would be decided "at the earliest."
On the other hand, Argentina?said in July 2022 it had received China's formal support in its bid to join the group.?Ethiopia, one of Africa's fastest-growing economies, said in June it had asked to join BRICS, with a foreign ministry spokesman saying the country will continue to work with international institutions that can protect its interests.
Bolivia's President Luis Arce has expressed interest in BRICS membership and is expected to attend the summit. Its government said in July it was determined to reduce dependence on the U.S. dollar for foreign trade, instead turning to the Chinese yuan, in line with BRICS leaders' stated aim to reduce dependence on the U.S. currency.
Algeria said in July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank. The North African nation is rich in oil and gas resources and is seeking to diversify its economy and strengthen partnerships with China and other countries.
Oil giant?Saudi Arabia?was among more than a dozen countries that participated in the "Friends of BRICS" talks in Cape Town in June. It has received backing from?Russia?and Brazil to join the BRICS.??
Also Read:?Why?BRICS?Nations Are Creating A New Currency
The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O'Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.
For the unversed, BRIC was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
BRICS creation was initiated by Russia. But BRICS is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
Every year, the heads of state and government of the member nations convene with each nation taking up a one-year rotating chairmanship of the group.
Brazil, Russia, India and China are the founding members, whereas South Africa, the smallest member in terms of economic clout and population, was the first beneficiary of an expansion of the forum in 2010 when the grouping became known as BRICS.
Together these five countries account for more than 40% of the world population and a quarter of the global economy.
Besides geopolitics, the group's focus includes economic cooperation and increasing multilateral trade and development.?It operates by consensus. All the BRICS countries are part of the Group of 20 (G20) of major economies.
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