In a significant announcement ahead of the upcoming BRICS summit, Russia and China have reaffirmed their support for the bloc’s expansion. This declaration comes as the alliance prepares to welcome four new members in 2024: the United Arab Emirates, Egypt, Iran, and Ethiopia.
Russian President Vladimir Putin, speaking at a recent press conference, hinted at the possibility of another round of expansion at the 16th BRICS summit in Kazan city. He emphasized, “We will consider the degree to which many other countries are prepared to join the BRICS multi-dimensional agenda in one form or another.”
China, too, has expressed its desire for BRICS expansion, viewing it as a means to strengthen the group’s financial position and challenge the dominance of the United States and its Western allies.
While other BRICS members have remained relatively silent on the issue of mass expansion, they have continued to engage with interested nations. Brazil, for example, has publicly supported Bangladesh’s bid to join the bloc. India, however, has advocated for a more cautious approach, arguing that the alliance should focus on strengthening its existing members before welcoming new ones.
Also Read: Malaysia Joins BRICS – ASEAN’s New Economic Powerhouse?
The potential expansion of BRICS could have significant implications for the global economic landscape. With the addition of new members, the bloc would gain a substantial financial boost, and trade between BRICS countries could be reshaped. The alliance’s primary goal of reducing reliance on the US dollar and promoting local currency settlements would also be strengthened.
As the BRICS summit approaches, the world is watching with anticipation to see how the alliance will navigate this new phase of growth and expansion. The decisions made in Kazan could have far-reaching consequences for the global balance of power and the future of international economic cooperation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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