Regular discussions are being held between Russia and other BRICS member nations regarding the expansion of the economic group.

South Africa’s ambassador to the BRICS group revealed that 19 countries have expressed an interest in joining the BRICS economic bloc.

The BRICS nations have been pushing to gain global influence and shifting away from U.S. dollar reliance.

Russia has been actively discussing the expansion of the BRICS economic bloc with other member nations, according to a Russian official. Meanwhile, the group comprises Brazil, Russia, India, China, and South Africa. Discussions are ongoing, and a thorough analysis and delicate internal work by the five countries are required to reach a consensus.

The entire range of issues associated with the expansion is being discussed at BRICS Sherpas and sous-sherpas meetings. While the discussions occur regularly, it is premature to reveal any specifics about the approval procedure at this time, according to Russia’s Foreign Ministry.

The topic of expansion is highly relevant at present, and the BRICS nations are focusing their attention on it. The five heads of state and foreign ministers are discussing the issue. Furthermore, the declaration adopted at the 14th BRICS summit in Beijing issued instructions to work out appropriate guiding principles, standards, criteria, and procedures. 

BRICS Receiving Applications

Anil Sooklal, South Africa’s ambassador to the BRICS group, said that 19 countries have shown interest in joining the BRICS economic bloc. Thirteen countries have formally asked to join, and another six have asked informally. Applications are being received every day. Henceforth, the BRICS nations have been striving to increase their global influence and reduce their reliance on the U.S. dollar.

According to a Russian official, Russia has actively contemplated the expansion of the BRICS economic bloc with other member nations. The group consists of South Africa, Brazil, Russia, India, and China. Some economists have warned that a BRICS currency could erode the USD’s dominance. However, BRICS expansion and the creation of a common currency face significant challenges. 

Before any expansion can occur, disparities in economic and political systems, levels of development, and international influence must be addressed. However, any expansion of BRICS could have significant effects on the global economy.

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Filed under: Bitcoin - @ April 29, 2023 9:15 pm