South Africa’s chief diplomat responsible for BRICS relations has disclosed a surge in interest from more than 40 countries seeking to join the influential economic bloc. Notably, 22 nations have already submitted formal applications for membership, indicating a potential expansion of the BRICS group to encompass over 50 countries.

Anil Sooklal, South Africa’s eminent figure in charge of BRICS relations, together with officials from the South African foreign affairs department, announced these developments during a press conference held in Johannesburg on Thursday. With Brazil, Russia, India, China, and South Africa as its existing members, the BRICS bloc has garnered significant attention from nations worldwide.

According to Sooklal, beyond the 22 formal applications, an equal number of countries have expressed informal interest in becoming BRICS members, encompassing prominent nations from the global south. Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan are among the nations keen on joining the bloc.

This year’s BRICS leaders’ summit, scheduled for August 22-24 in Johannesburg, will feature a pivotal discussion on the prospect of expanding the BRICS membership. It’s worth noting that Russian President Vladimir Putin will not be attending in person.

Notably, the idea of a common BRICS currency has captured worldwide attention. Recent reports from Russian news outlet RT suggest that the BRICS nations are poised to unveil a gold-backed currency during the August summit. However, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank (commonly known as the BRICS Bank), refuted these claims, asserting that there are no immediate plans to create a common currency to challenge the USD’s dominance.

Although the BRICS currency is not on the summit’s official agenda, discussions will focus on deepening interactions in trading using local currencies, aiming to reduce dependency on the US dollar. Brazil’s President Luiz Inácio Lula da Silva, a staunch advocate of de-dollarization in global trade, intends to address this issue during the summit. Additionally, President da Silva has voiced support for the concept of a unified BRICS currency.

The growing interest from numerous countries seeking BRICS membership indicates the bloc’s rising prominence and potential to shape the global economic landscape. As the summit approaches, international attention remains focused on the bloc’s actions and initiatives, particularly those concerning de-dollarization efforts. Share your thoughts on the expanding BRICS bloc in the comments section below.

Frequently Asked Questions (FAQs) about de-dollarization

What is BRICS, and what countries are currently part of the bloc?

BRICS stands for Brazil, Russia, India, China, and South Africa. It is an economic bloc comprising these five member countries, representing emerging economies with significant global influence.

How many countries are interested in joining the BRICS bloc?

More than 40 countries have expressed their interest in becoming members of the BRICS bloc.

How many countries have formally applied for BRICS membership?

As of the latest update, 22 countries have officially submitted applications to join the BRICS bloc.

Is the BRICS group planning to expand its membership?

Yes, there are discussions and plans to expand the BRICS bloc to include more than 50 countries.

When and where will the BRICS leaders’ summit take place?

The BRICS leaders’ summit is scheduled to be held in Johannesburg from August 22 to August 24.

What is the main topic of discussion at the upcoming BRICS summit?

One of the key topics on the agenda for the BRICS summit will be the potential expansion of the bloc to include more countries.

Is there a proposal for a common BRICS currency?

There have been reports suggesting the possibility of a gold-backed currency for the BRICS nations, but according to Leslie Maasdorp, vice president and chief financial officer of the New Development Bank (BRICS Bank), there are no immediate plans to create a common currency to challenge the dominance of the USD.

What is the stance on de-dollarization within the BRICS bloc?

The BRICS nations are looking to deepen interaction in trading using local currencies to reduce dependency on the US dollar. Brazilian President Luiz Inácio Lula da Silva has been vocal about advocating de-dollarization in global trade and supports the idea of a common BRICS currency.

Will the BRICS bloc consider the topic of a common currency during the summit?

While the topic of a common BRICS currency is not on the official summit agenda, discussions on enhancing trading in local currencies to reduce reliance on the USD will be addressed.

Which countries are interested in joining the BRICS bloc?

Countries expressing interest in joining the BRICS bloc include Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan, among others.

What does the growing interest in BRICS membership signify?

The increasing number of countries seeking BRICS membership indicates the bloc’s rising prominence and its potential to shape the global economic landscape.

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