5 Arab Nations Eye Joining the BRICS Crypto Alliance

• BRICS Alliance Welcomes Arab Countries
• BRICS Seeks independence from the US Dollar
• Additional Arab Countries Express Interest in BRICS
• 20 More Nations Ready to Join BRICS
• Pakistan Seeks Russia's Support for Induction
• Potential Impact of BRICS Expansion

BRICS Alliance Welcomes Arab Countries

In a significant move during the 15th summit in Johannesburg in August this year, the BRICS alliance extended invitations to four Arab nations to join the bloc. Saudi Arabia, the UAE, and Egypt were inducted into BRICS, while Iran, Ethiopia, and Argentina also received invitations. Argentina, however, became the first country to decline the invitation as newly elected president Javier Milei did not see fit to join the alliance.

BRICS Seeks independence from the US Dollar

BRICS is proactively working towards severing ties with the US dollar, aiming to decrease its worldwide dominance. If BRICS terminates the use of the dollar, several sectors in the US may potentially face adverse impacts.

Additional Arab Countries Express Interest in BRICS

Following the recent expansion, an additional five Arab nations have indicated their interest in joining the BRICS alliance. The countries, including Algeria, Bahrain, Kuwait, Morocco, and Palestine, are aiming to end reliance on the US dollar and globally promote their local currencies in international trade.

20 More Nations Ready to Join BRICS

According to South African Ambassador Anil Sooklal, aside from the five Arab nations, 20 other countries have expressed their desire to join the BRICS alliance. In an interview with the ANI News Agency, Sooklal stated, Over 20 countries formally approached BRICS to become members. Among these nations are countries such as Pakistan and Nigeria.

Pakistan Seeks Russia's Support for Induction

Ambassador Sooklal went on to say that whether it's Pakistan or any other country, numerous nations have officially approached BRICS and these requests will be considered by foreign ministers and leaders based on a consensus. Pakistan is currently seeking Russia's assistance to gain entry into the bloc.

Potential Impact of BRICS Expansion

The potential expansion of BRICS across the Arab world, Africa, Asia, and the global south could exert considerable pressure on the West and the US. A united BRICS could significantly disrupt traditional markets.

Edited by Jonathan Stoker