The number of countries expressing willingness to join the BRICS alliance and adopt its proposed new currency has increased significantly as we approach the BRICS summit to be held in South Africa in August 2023.
In April 2023, the list comprised 19 countries, but by the end of June 2023, it had increased to 41 countries with 8 from Africa. Over the course of two months, 22 new countries have expressed their interest in joining the bloc and moving away from using the U.S. dollar.
BRICS, which represents Brazil, Russia, India, China, and South Africa, could soon become BRICS+. The decision to expand the alliance will be jointly taken in the next BRICS summit.
The number of countries that could potentially challenge the dominance of the U.S. dollar on the global stage has now reached 41. These countries primarily consist of developing nations from Asia, Africa, and Eastern Europe.
The countries that have shown interest to join the BRICS alliance ahead of the summit are:
- Afghanistan
- Algeria
- Argentina
- Bahrain
- Bangladesh
- Belarus
- Egypt
- Ethiopia
- Indonesia
- Iran
- Kazakhstan
- Mexico
- Nicaragua
- Nigeria
- Pakistan
- Saudi Arabia
- Senegal
- Sudan
- Syria
- the United Arab Emirates
- Thailand
- Tunisia
- Turkey
- Uruguay
- Venezuela
- Zimbabwe
Furthermore, several countries in Africa are reportedly observing the situation but have not yet committed to supporting the BRICS currency. It is possible that they may declare their support for the currency once it is officially launched.
Kenya, in particular, has been proactive in advocating for African nations to discontinue the use of the U.S. dollar and instead encourages trade using local currencies within the continent.
Dollar shortages have become a pressing issue for many developing countries in Africa particularly those with weak or unstable currencies.
These countries often rely on the U.S. dollar as a reserve currency to back their own currencies, facilitate international trade, and attract foreign investment. However, when there is a shortage of dollars, businesses and individuals face significant economic challenges.
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