Several developing countries are relying on the BRICS alliance to get rid of their economies’ dependency on the US dollar. Developing nations in Asia, Africa, South America, and Eastern Europe are impressed with the BRICS de-dollarization agenda and find it lucrative. The majority of these nations are aiming to join the BRICS bloc after the summit in October 2024.
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Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Ending dependency on the US dollar will provide an opportunity to strengthen their native economies and give local currencies a boost. Therefore, the 2024 summit is the most crucial for BRICS and the prospects of the de-dollarization initiative.
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BRICS: Around 30 Countries Looking To Join the Alliance After 2024 Summit
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The Ambassador of Russia and China Igor Morgulov confirmed that 30 countries are looking to join BRICS after the 2024 summit. “There are about 30 countries wanting to join the BRICS family,” said the Russian Ambassador.
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“So we are elaborating on the modalities of a new BRICS partner country category, and actively using outreach and the BRICS-plus dialogue mechanism to interact with non-BRICS partners,” at the 2024 summit, he said.
He explained that a new strategy for BRICS economic partnerships with other countries will be decided in the 2024 summit. The economic partnership will cover many businesses and finances that help the member’s economies.
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“The implementation of the Strategy for BRICS Economic Partnership 2025 is being advanced by reinforcing supply chains, developing the digital economy, supporting small and medium-sized businesses, stimulating tourist flows, and cooperating in transport and logistics,” the envoy said.
Therefore, the BRICS 2024 summit in October could be historic if new policies are implemented to challenge the US dollar. The 16th summit will be held in Russia’s Kazan region in October 2024.