The BRICS economic bloc is quickly expanding its influence, with 34 countries expressing interest in joining its activities, according to Russian President Vladimir Putin, reflecting the bloc’s ability to provide an alternative to the U.S.-dominated global financial system.
With Russia currently holding the BRICS chairmanship, Putin on Sep. 12 emphasized the importance of facilitating a smooth integration process for new members, as BRICS continues to position itself as a significant player in the global economy.
This expansion comes on the heels of BRICS’ recent summit, where the group added six new members, including Argentina, Egypt, and Saudi Arabia.
The organization’s ability to attract such a wide range of countries underscores its commitment to fostering a more inclusive global financial system.
Putin further highlighted the role of BRICS in promoting democratic principles, sovereignty, and multilateralism, signaling the bloc’s growing significance on the world stage.
Moreover, China and South Africa recently reaffirmed their commitment to deepening cooperation within the BRICS framework during South African President Cyril Ramaphosa’s visit to Beijing.
Both nations emphasized the importance of reforming international financial institutions to better represent the interests of developing countries.
This joint effort is seen as critical to modernizing economies, especially through digital technologies and infrastructure projects that can help expand market access among BRICS members.
These developments come as BRICS moves forward with its plan to introduce a new world currency, a proposal first introduced at the St. Petersburg International Economic Forum in 2023.
During last year’s gathering, Russian deputy chairman Alexander Babakov announced that the BRICS nations were exploring a digital or alternative form of currency, aimed at reducing reliance on the U.S. dollar for trade transactions.
The proposed currency could be backed by a variety of assets, including gold, rare-earth elements, and even land, making it a groundbreaking move in global finance.
The BRICS currency plan reflects the bloc’s broader goal of reshaping the global economic order, providing a more equitable system for emerging economies.
This move is especially significant given the rapid expansion of BRICS, with nations like Saudi Arabia, Iran, and Indonesia signaling interest in joining.
By introducing a new currency, BRICS aims to strengthen financial ties among its members and provide an alternative to existing international financial systems.
Looking ahead, these developments will be a central focus at Benzinga’s Future of Digital Assets event on Nov. 19.
Discussion about this post