The next BRICS summit will be held in August in South Africa where the bloc of five nations will collectively decide the formation of a new currency.
BRICS is
an acronym for Brazil, Russia, India, China, and South Africa. The decision to
expand the alliance will be jointly taken in the next BRICS summit and the bloc
could soon become BRICS Plus.
The
total number of countries that could challenge the US dollar on the global
stage has reached 41. The developing nations that want to accept BRICS currency
hail 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, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua,
Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab
Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
Belarus is the first country in Eastern Europe that
expressed interest to accept the new BRICS currency. On the other hand,
France has also shown its interest to attend the next BRICS summit in South
Africa.
Additionally, many countries in Africa remain on the
sidelines and could announce their support for the BRICS currency after its
launch.
It is worth noting why Africa is interested in BRICS and not
the US dollar for global trade.
Kenya has urged African nations to stop using the US dollar
and trade in native currencies within the continent.
