A handful of developing countries are looking to join the BRICS alliance to break free from the US-dominated financial system. Developing countries in Asia, Africa, and Latin America find the bloc lucrative and can help their respective economies to thrive. Moreover, the de-dollarization initiative is the bind that holds them together as developing economies want to cut ties with the US dollar.

Also Read: BRICS: Top Economist Says U.S. Dollar is ‘Getting Worse’

Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. Many countries are now knocking on BRICS’ door by expressing their interest to be a part of the grouping. Also, the decision to expand the BRICS alliance will be taken at the next summit in October this year.

BRICS: 5 New Countries Look To Enter the Alliance in 2024

Source: Reuters

In 2024 alone, five new countries have formally applied to join the BRICS alliance. The nations come from different parts of the globe including Asia, Africa, Eastern Europe, and Latin America. The interest in joining the bloc is increasingly growing among developing economies around the world.

Also Read: BRICS: China’s Gold Buying Spree to End the US Dollar?

Below is the list of the five new countries that want to join the BRICS alliance in 2024.

1. Bolivia

2. Cameroon  

3. Damascus

4. Syria

5. Zimbabwe

Moreover, BRICS members Russia and China are supporting these countries to join the alliance. However, the decision to induct new countries is based on consensus and all members will have to agree on expansion. In addition, the 16th summit will be held in October 2024 in the Kazan region of Russia.

Also Read: BRICS: India & Nigeria Finalize Major Partnership Ditching US Dollar

Russia is welcoming Syria and Bolivia to join the BRICS alliance while China is looking to induct the others. “This is yet another important signal that the grouping’s international weight has increased. Applications have been submitted in written and oral, including at the high level,” said Russian Deputy Foreign Minister Sergey Ryabkov.


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