19.4 C
25 June 2024
Image default

BRICS: 2 New Nations Announce Plans to Join Alliance

With the BRICS bloc set to implement a second expansion effort at its 2024 annual summit, 2 new nations have unveiled plans to join the alliance. Indeed, the group is set to continue its expansion plans, following its six-nation invitation that took place at its previous summit.

Last year, the bloc invited Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, Ethiopia, Iran, and Argentina to join the alliance. Five of those countries ultimately accepted, joining what has proven to be a massive success to this point. Although more than 40 countries have expressed interest in joining the BRICS, two primary candidates have come forward with integration plans for the bloc.

Two Countries Announce BRICS Entry Plans

Also Read: BRICS: China Dumped $48.9 Billion in US Treasuries in Quarter 1

Over the last two years, the BRICS alliance has emerged as a crucial geopolitical voice. Through its de-dollarization initiatives, the bloc has sought to lessen international reliance on the West. That focus has seen a host of countries seek to take part in what is becoming a growing collective.

Now, the BRICS bloc has seen two specific nations announce their plans to join the alliance. The first is Thailand, which is positioning itself to be the first Southeast Asian country included in the grouping. Moreover, the country has already announced its intention to apply for admission to the BRICS at some point this month.

Reports suggest that the Thai government is seeking the finalization of application plans. Its potential entry into the economic alliance would be vitally important to its overall international prevalence. Furthermore, it would enhance the reach and influence of the BRICS and its current position.

brics summit vladimir putin russia president
Source: Reuters

Also Read: BRICS Summit: Expert Predicts Major Announcement to Challenge US Dollar

Additionally, Venezuela has recently reaffirmed its intention to join the BRICS bloc at the 2024 summit. Specifically, the country’s president, Nicolas Maduro, has recently addressed the nation’s relationship with the alliance as a whole.

There, he explained Venezuela’s focus on its application plans while applauding the success of the BRICS group thus far. In a recent speech, Madura lauded BRICS’ for ushering in “a new world,” through their activity.

“When we talk about BRICS, we are talking about a new world of high technological, scientific, economic, and financial development,” Maduro added. Conversely, Venezuela and Thailand will be two of many countries seeking integration into the alliance when expansion countries are announced at the October summit.

Related posts

How High Can Polkadot (DOT) Rise In April?


More Than 14,000 ETH Burned in Last 24 Hours, Here’s Why


Ethereum Weekly Forecast January 3 — 7, 2022

Verified by MonsterInsights