5 new countries that want to join the BRICS alliance

A handful of developing countries want to join the BRICS alliance to break away from the US-dominated financial system. Developing countries in Asia, Africa and Latin America find the bloc lucrative and could help their respective economies prosper. Moreover, as developing economies look to break ties with the US dollar, the de-dollarization initiative is the tie that holds them together.

Also read: BRICS: Top economist says the US dollar is 'getting worse'

Read here to know how many sectors in the US will be affected if the BRICS dumps the dollar for trade. Many countries are now approaching the BRICS by expressing their interest in becoming part of the grouping. Also, the decision to expand the BRICS alliance will be taken at the next summit in October this year.

BRICS: Five new countries want to join the alliance in 2024

brics alliance leaders mark coin
Source: Reuters

In 2024 alone, five new countries will have done so formally applied to join the BRICS alliance. The countries come from different parts of the world, including Asia, Africa, Eastern Europe and Latin America. Interest in joining the bloc is growing among developing economies around the world.

Also read: BRICS: China's gold buying spree will put an end to the US dollar?

Below you will find the list of the five new countries that want to join the BRICS alliance in 2024.

1. Bolivia

2. Cameroon

3. Damascus

4. Syria

5. Zimbabwe

Moreover, BRICS members Russia and China support these countries to join the alliance. However, the decision to introduce new countries is based on consensus and all members will have to agree on expansion. Moreover, the 16th summit will take place in October 2024 in the Kazan region of Russia.

Also read: BRICS: India and Nigeria complete major partnership, ditching US dollar

Russia welcomes Syria and Bolivia to join the BRICS alliance, while China tries to introduce the others. “This is once again an important signal that the international weight of the group has increased. Requests have been submitted both written and verbally, including at a high level.” said Russian Deputy Foreign Minister Sergei Ryabkov.