The BRICS Summit is now less than two months away, and if expansion occurs, 10 new countries might join and adopt the BRICS currency in 2023. The BRICS Alliance and prospective new members will both attend the BRICS Summit, which is slated for August 2023.
With plans to introduce a new currency to settle payments for international goods, the alliance is waging war against the U.S. dollar. Other Eastern nations are joining the bloc as a result of the move because they want to reduce their dependency on the dollar and promote their own currencies.
BRICS Expansion: Even More Nations Eyeing the Bloc?
For the past few months, the potential expansion of BRICS has been a developing story. Almost every week, there is a new country applying for or showing interest and support for the bloc. In light of a recent meeting with BRICS and friends,” earlier this month, more countries are showing interest in BRICS+:
- Democratic Republic of Congo
While these nations are “ready” to join the BRICS alliance, they’ll have to go through the application process. Additionally, BRICS will have to continue talks of expansion at the upcoming summit. Likely, BRICS will develop a new organization like the NDB for new nations, and call it BRICS+.
This will likely be the group to hold all new BRICS members moving forward while keeping the founding five nations at the front stage.
It is obvious that the wealth and power of BRICS members are increasing. By new countries joining BRICS and adopting a potential new currency, the influence of the alliance will only grow and serve as an economic force for countries seeking independence from the US Dollar and more economic freedom.