BRICS: 126 Nations Meet With Alliance To Discuss Ditching the US Dollar
Around 126 nations will attend a BRICS Municipal Conference, all showing interest in joining the bloc and ditching the US Dollar. The queue to join BRICS is getting longer as developing countries are expressing their interest in joining the alliance. Developing countries are now looking to end dependency on the US dollar to promote local currencies for trade.
The BRICS countries’ VI International Municipal Forum (IMF) will take place in Moscow on between August 27 and 28. Mostly developing countries hailing from Asia, Africa, South America, and Eastern Europe shared initial interest in joining the bloc. The newfound ambition is to strengthen their local currencies and not be dependent on the US dollar for trade
The forum will cover 13 areas of work, including the following:
- International municipal cooperation
- Economy
- Digital technologies
- Industry
- Energy
- Urban infrastructure
- Transport
- Ecology
- Healthcare
- Education
- Science
- Culture
- Sports
- Tourism
The event will include more than 70 business events and a large-scale exhibition, showcasing the annual international exhibitions “DIGITECH+” and “Mechanical engineering: strategies and technologies.”
Also Read: BRICS Makes Major Announcement on Alliance Expansion
Almost Half Of The World Shows Interest in Joining BRICS and Dethroning The US Dollar
Only 26 nations have formally sent their applications to join the alliance to date. Around 21 countries have informally expressed their interest in being a part of the grouping, with others just showing general interest in what the BRICS bloc has to offer.
“More than 40 countries have expressed interest in joining BRICS,” confirmed Paul Frimpong, Founder of Africa-China Centre for Policy Advisory. “BRICS alliance attracts a diverse group of potential members because of its primary-driven shared desire to create a more equitable global landscape that many countries believe is currently biased against them,” he said.
This BRICS conference could be a crucial point for the bloc in its mission to attract more countries to de-dollarization. With more countries showing interest in joining every passing month, this culmination of interested countries could bode well for the bloc ahead of their summit this October in Russia.
The 16th BRICS summit will be held in the Kazan region of Russia from October 22 to 24, 2024. The new extended alliance will get together at the table for discussions for the first time since the expansion. The center points of discussion will likely be the US Dollar, a new BRICS currency, and the future of expansion.