BRICS Nations Discuss Expansion Plan as Membership Interest Grows – Economics Bitcoin News

The BRICS countries are developing guidelines in response to increasing demand from countries seeking to join, according to South Africa’s Foreign Affairs Minister Naledi Pandor. “BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on the concept of how the group can respond to this interest,” she detailed. “Many countries are looking for a multipolar forum that is modern, inclusive, and focused on the common good.”

Interest in BRICS Membership Rises

South Africa’s Minister of International Relations and Cooperation Naledi Pandor has revealed that the BRICS nations are working on guidelines to cater to the rising interest of countries wanting to join the economic bloc. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. This year, the BRICS presidency is held by South Africa.

Addressing the South African line ministry on “Strengthening Partnerships for a Fairer and More Equitable Global System,” Pandor was quoted by Telesur as saying Monday:

BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on the concept of how the group can respond to this interest. We hope that our leaders will present final guidelines at the conclusion of the BRICS summit.

The BRICS countries have been making efforts to expand the group’s global influence. In April, Anil Sooklal, South Africa’s ambassador to the BRICS group, revealed that the economic bloc is “getting applications to join every day.” He stated at the time that 13 countries have already formally asked to join and another six have asked informally. Saudi Arabia and Iran are among the countries that have expressed interest in joining.

Pandor further highlighted the importance of fostering global cooperation by establishing influential alliances that collaborate with the United Nations to drive an inclusive and forward-looking international development agenda. She noted that the BRICS group has the potential to fulfill this transformative role.

According to the South African foreign affairs minister:

The growing interest in the alliance shows that many countries are looking for a multipolar forum that is modern, inclusive, and focused on the common good.

She also shared that South Africa’s “partnership with BRICS has resulted in tangible benefits” across multiple sectors, noting that the country’s total trade with BRICS countries increased from $25 billion in 2017 to $36 billion in 2021. In addition, she noted that South Africa has secured more than $5 billion in funding from the group’s New Development Bank (NDB) “for key infrastructure projects in renewable energy, water, and other sectors.”

The BRICS group is also working on creating a common currency that will help its members reduce reliance on the U.S. dollar. The topic is expected to be discussed at the BRICS leaders’ summit in August.

What do you think about countries wanting to join the BRICS group? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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