With the BRICS bloc likely to expand, recent developments have shown that North Korea is expected to seek a place in the alliance in 2024. Specifically, recent reports show that the country has recently skipped a UN General Assembly. Instead, they traveled to a BRICS event, with experts pondering its intention to become the alliance’s 10th member.
The collective annual summit is nearing, likely to be the setting for some important announcements. As the BRICS Pay system is nearing its arrival, and talks of a de-dollarization roadmap, there will be no shortage of groundbreaking debuts. Yet, a second expansion announcement in as many years is not out of the question.
Source: AP
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North Korea to Join BRICS? Experts Say It Could be Happening
In 2023, the BRICS bloc invited six nations to join its ranks. Of those invitations, four countries promptly accepted in its first expansion effort since 2001. The United Arab Emirates (UAE), Egypt, Iran, and Ethiopia became the countries that expanded the blog to nine members. Although discussions of further expansion have been ongoing, there is a chance they repeat the effort this year.
There is no shortage of interest. More than 30 countries have made clear their desire to join the bloc. Among those are nations like Turkey, Venezuela, and Nigeria. Now, the BRICS has seen North Korea seek involvement as it could eye a place in the alliance in 2024.
The nation is reportedly increasing its efforts to join BRICS. They had orchestrated renewed trade negotiations with Russia earlier this year. Subsequently, it is looking to fortify that collaboration with a place in the Moscow-led economic alliance.
Source: AtlanticCouncil.org
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At this point, however, experts believe its inclusion Is unlikely. Specifically, due to the necessity of all memberships to approve the move. The isolated regime is not likely to gain that kind of unanimous backing.
Regardless of expansion talks, the bloc is set to debut groundbreaking economic initiatives. This is highlighted by its blockchain-based payment system. The platform’s arrival should be monumental for BRICS trade efforts. Specifically, in creating more opportunities for increased trade in national currencies.