Nineteen nations have expressed interest in joining the BRICS group of nations. The bloc of emerging markets and developing economies made up of Brazil, Russia, India, China and South Africa will be meeting in Cape Town in the latter nation from June 2 to 3 to discuss its possible enlargement.
"What will be discussed is the expansion of BRICS and the modalities of how this will happen," said South African Ambassador to BRICS Anil Sooklal in an interview with Bloomberg. "Thirteen countries have formally asked to join and another six have asked informally. We are getting applications to join every day." (Related: Potential BRICS expansion could mark end of dollar as world's pre-eminent currency.)
Sooklal refused to identify every single nation that has either formally or informally applied for BRICS membership. But previous interviews with Sooklal and with other BRICS officials suggest that those interested include Saudi Arabia and Iran, both of which formally asked to join in February.
Other countries that have expressed interest in joining include Algeria, Argentina, Bahrain, Egypt, Indonesia, Saudi Arabia, the United Arab Emirates and three nations from Africa – two from East Africa and one from West Africa – that remain unidentified.
Earlier this year, BRICS made it known that it is open to new members after China last year initiated a discussion regarding potential expansion.
"The significant interest in joining BRICS by many is a clear sign that BRICS has remained true to its values of strengthening multilateralism, driving reform as well as boosting global economic growth and stability," said South African Minister of International Relations Naledi Pandor.
The foreign ministers of all five BRICS member states have confirmed that they will be attending the discussions in June.
BRICS expansion will require significant negotiations between the five current member states, who are concerned about their "influence being diluted" by the addition of new members. These concerns include the possibility of admitting too many members who are too friendly with Beijing, for example, which could significantly increase China's own power over the other original member states.
BRICS expansion to bring about new currency that will challenge the dollar
The announcement regarding potential new membership came just as Deputy Chairman of the Russian State Duma Alexander Babakov revealed that BRICS is working on developing a "new currency" that could be unveiled at the organization's upcoming summit in June.
BRICS member states account for over 40 percent of the global population, a quarter of the global GDP and, by 2028, will make up 35 percent of the global economy compared to just under 28 percent for G7 nations. BRICS has already been on par with the G7 in terms of contributions to global economic growth since at least 2020.
The unveiling of a new bloc-wide currency could further entice more nations to join the bloc at a time when more and more governments are moving away from relying too much on the United States dollar due to the potential for it to destabilize dollarized economies, either through the Federal Reserve raising interest rates or through America's weaponization of the dollar through international sanctions.
In addition to a new currency, BRICS will reportedly be discussing international "hot spots" during its summit. These include Sudan, where a conflict broke out last month and a temporary ceasefire has been declared. BRICS may also use the summit and its potential expansion to seek alliances and secure its strategic interests, especially amid the growing rift between the U.S. and the West with BRICS over the Russian special military operation in Ukraine.
Learn more about BRICS' role in bringing about a global currency reset and the downfall of the dollar at DollarDemise.com.
Watch this episode of the "Health Ranger Report" as Mike Adams, the Health Ranger, interviews financial expert Andy Schectman about how BRICS is planning to create a new global reserve currency and bring about the demise of the dollar system.
This video is from the Health Ranger Report channel on Brighteon.com.
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