• The list of nations willing to join the BRICS alliance has surged to 41 countries.
• 22 new countries have expressed their interest in joining the bloc and moving away from the U.S. dollar.
• The upcoming BRICS summit scheduled for August in South Africa will serve as the platform for the five member nations to determine the establishment of a new currency.
BRICS Currency Surge
The list of nations willing to join the BRICS alliance has surged to 41 countries, with 22 new countries expressing their interest in joining and moving away from the U.S. dollar since April. This expansion indicates potential inclusion of additional countries into the existing core members of the bloc ahead of an upcoming summit scheduled for August in South Africa, where decisions regarding a new currency could be made collectively by members of the alliance.
Growing Interest from Countries
A notable list of countries including Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria Pakistan Saudi Arabia Senegal Sudan Syria United Arab Emirates Thailand Tunisia Turkey Uruguay Venezuela and Zimbabwe all have expressed their keen interest in joining BRICS and strengthening collaborative partnership among its existing members. Belarus has emerged as first country within Eastern Europe showing willingness to adopt new currency proposed by BRICS nations. These developments further showcase international recognition and engagement with alliance encompassing both Eastern European and Western European nations.
Exploring Models for a BRICS Currency
Though discussions around potential single currency have gained traction limited information is available on models being considered for implementation among BRICS members. One possible approach which was proposed is system similar to that adopted by 11 participating states within European Union back in 1999 however details remain scarce at this stage due to ongoing negotiations between alliance members related to implementation methodologies surrounding such project should it go forward as planned during next month’s summit.
BRICS Payment System
Additionally efforts have been made towards development of payment system known as “BRICS pay” aimed at providing financial services such as money transfers across borders within region without need for expensive third-party intermediaries such as banks or credit card companies but details also remain scarce at this moment until more information is released after August’s summit concludes .
The surge in interest from these additional countries along with increasing discussions around potential single currency highlights growing international significance surrounding BRICS alliance and its mission towards providing financial stability within region while reducing reliance on US dollar backed transactions which are typically seen as less secure form of payments due their dependency on fluctuating exchange rates determined by global markets outside control or influence regional economies looking breakaway from mainstream organisations such International Monetary Fund (IMF) or World Bank (WB).