Several developing countries rely on the BRICS alliance to free themselves from their economies’ dependence on the US dollar.
Developing nations in Asia, Africa, South America and Eastern Europe are affected by the BRICS de-dollarization program and find it profitable. Most of these nations aim to join the BRICS bloc after the October 2024 summit.
Ending dependence on the US dollar will provide an opportunity to strengthen their native economies and boost local currencies. Therefore, the 2024 summit is the most crucial one for the BRICS and the prospects of the de-dollarization initiative.
Ambassador of Russia and China Igor Morgulov confirmed that 30 countries are seeking to join the BRICS after the 2024 summit. “There are about 30 countries that want to join the BRICS family,” the Russian ambassador said. “We are therefore working out the modalities of a new category of BRICS partner countries and actively using the BRICS-plus outreach and dialogue mechanism to engage with non-BRICS partners,” he said at the 2024 summit.
He explained that a new strategy for BRICS economic partnerships with other countries will be decided at the 2024 summit. The economic partnership will cover many trade and financial activities that help members’ economies. “The implementation of the BRICS Economic Partnership Strategy 2025 is being carried out by strengthening supply chains, developing the digital economy, supporting small and medium-sized enterprises, stimulating tourism flows and cooperating in transport and logistics.”
Therefore, the BRICS 2024 summit in October could be historic if new policies are implemented to challenge the US dollar. The 16th summit will be held in the Kazan region of Russia in October 2024.