5 Key Nations Set to Join BRICS Alliance in Crypto Sphere, 2024

• Potential New Members for the BRICS Economic Alliance in 2024
• Five Major Countries to Join BRICS in 2024
• Nigeria
• Pakistan
• Mexico
• Iraq
• Turkey

Potential New Members for the BRICS Economic Alliance in 2024

With the BRICS economic alliance expanding its member base, it is anticipated that five significant nations may consider aligning with the bloc in 2024. The BRICS alliance, originally established by Brazil, Russia, India, China, and South Africa, inaugurated several new members in August 2023, featuring the United Arab Emirates, Egypt, and Saudi Arabia among others. Despite Argentina's refusal to join post their presidential election, the interest in the bloc has not waned. The following are five major countries that might join BRICS in 2024.

Five Major Countries to Join BRICS in 2024

Nigeria

Nigeria, one of the most populous African countries, is keen on joining the BRICS alliance in 2024. Yusuf Tuggar, Nigeria's minister of foreign affairs, announced in November that the nation is open to joining any group with good intentions. The specifics of Nigeria's stance on de-dollarization are unclear. Nonetheless, Nigeria's motivation to join BRICS could be attributed to its ambition to make its voice heard in significant global affairs, considering the alliance's growth as a global power.

Pakistan

Last November, Pakistan officially applied for BRICS membership. The country's ambassador to Russia, Muhammad Khalid Jamali, expressed hopes of joining under Putin's presidency with Russia's assistance. Although India might object to Pakistan's membership, the other four BRICS founders could approve Pakistan's inclusion, depending on the numbers.

Mexico

Despite previous disinterest, Mexico's potential association with BRICS cannot be entirely dismissed considering its significance in the Americas. BRICS membership could provide Mexico with access to larger markets and increased bargaining power in global affairs. The effects of adopting the BRICS currency on Mexico's economy require further speculation.

Iraq

Expressing interest in joining the BRICS alliance, Iraq seeks to participate in the process of global de-dollarization and uplift its economy by collaborating with other developing nations. The Iraqi Dinar, one of the currencies most affected by the rise of the US dollar in Q3 2023, could potentially recover through BRICS' mission in de-dollarization.

Turkey

Despite initially missing out on BRICS membership, Turkey remains determined to join the bloc and could be a contender from the Middle East and North Africa region in the 2024 expansion. Turkey's growing influence as a regional power makes it a compelling candidate for the expanding bloc. With the country's strained relations with the West, joining BRICS could offer an opportunity to reinforce ties with each of the BRICS nations.

Edited by Jonathan Stoker