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- BRICS, an association of five major economies, is reportedly witnessing increased interest from other countries keen on joining the group.
- This surge of interest comes as BRICS explores the introduction of a global currency that could offer an alternative to the US dollar.
A Flurry of Interest Towards BRICS
The BRICS nations, an economic alliance of Brazil, Russia, India, China, and South Africa, are reportedly experiencing an influx of interest from countries seeking to be part of the coalition. As per a Telesur report, this surge in interest arises as the group contemplates the launch of a global currency that could potentially sidestep the US dollar. In response to this growing interest, BRICS is reportedly preparing to address a wave of applications from like-minded nations.
Naledi Pandor, the Foreign Affairs Minister of South Africa, says BRICS’ leaders are set to release a set of criteria for potential new members.
“BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on the concept of how the group can respond to this interest,”
Pandor explains. She believes the surge in interest reflects a desire for a modern, inclusive multipolar forum focused on collective benefits.
BRICS New Development Bank Empowering New Members
According to Pandor, the New Development Bank (NDB) – a multilateral development bank established by BRICS nations – is playing a pivotal role in helping new members gain a foothold in the global economic arena traditionally dominated by the US and its Western allies. The bank aids members by financing infrastructure needs and supporting the development of regional value chains and local productive capacities.
“We are encouraged by the growth and sustainability of the New BRICS Development Bank and welcome new members,”
Pandor comments. For the year 2023, one of BRICS’ primary objectives is to integrate these new members and fortify the coalition’s influence.
The nations reportedly eager to join the BRICS alliance include Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, along with two nations from East Africa and one from West Africa. As BRICS continues to garner interest worldwide, the potential launch of a new global currency could signify a notable shift in the global economic landscape.
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