15 Countries Eyeing BRICS Bank Membership as Summit Underway
The BRICS summit, which kicked off in Johannesburg, South Africa, earlier on Tuesday, has placed enlargement of the grouping high on the agenda. As many as 40 countries have reportedly expressed interest in deepening ties with the bloc, with at least 15 specifically seeking to join the BRICS bank, formally known as the New Development Bank (NDB). This growing interest underscores the increasing influence of BRICS nations on the global stage.
Several countries have expressed interest in joining the BRICS group. In August, BRICS countries held a summit in South Africa. Several important updates came out of this meeting, and the bloc announced new members that would be joining the organization. At the summit, South African President Cyril Ramaphosa announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been invited to join the bloc.
The appeal of the BRICS bank lies in its potential to provide alternative financing mechanisms, especially for developing nations seeking to invest in infrastructure and sustainable development projects. The bank's focus on projects within BRICS and other emerging economies is particularly attractive amidst concerns about Western-dominated financial institutions.
Beyond the initial six invitees, speculation is rife about other nations eager to become part of the BRICS economic framework. While formal announcements are pending, sources suggest that numerous countries across Asia, Africa, and Latin America are actively engaged in discussions. Factors influencing their interest include seeking greater economic independence, diversifying trade relationships, and accessing resources for national development.
Full membership took effect on . While a specific date hasn't been provided regarding the effect of full membership, the expansion represents a significant shift in the global economic landscape. The addition of new members broadens the geographical reach and economic power of the BRICS alliance.
Nine countries will officially become “BRICS partners” on Janu, Russia has confirmed. The new BRICS partner states will be Belarus, Bolivia, Cuba. The inclusion of these partner states further strengthens the BRICS network and enhances collaboration on various fronts.
The increasing interest in joining the BRICS bank and the wider BRICS alliance reflects a growing dissatisfaction with the existing international financial order. As more countries seek alternative partnerships, the BRICS grouping is poised to play an even more prominent role in shaping the future of the global economy. Stay tuned for further updates as the summit progresses and more details emerge on potential new members and strategic initiatives.