BRICS Ushers 2024: Welcomes 5 New Expansion Nations into Crypto Sphere

• BRICS Economic Alliance Expands Membership in 2024
• Highlights from the 2023 Annual Summit
• Plans for De-dollarization and Further Expansion
• Argentina's Change in Priorities
• Continued Expansion Efforts and Future Aspirations

BRICS Economic Alliance Expands Membership in 2024

As the world welcomes 2024, the BRICS economic alliance has broadened its ranks with the addition of five new nations. Specifically, Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia have been officially introduced to the alliance following their invitation at the 2023 annual summit. This expansion marks a significant milestone in the alliance's history as it is the first of its kind since South Africa joined over a decade ago.

Highlights from the 2023 Annual Summit

At the annual summit held in August 2023, the bloc enthusiastically received these nations in what marked the first major expansion effort undertaken by the alliance. Noticeably, Argentina was also extended an invitation but subsequently declined amid a shift in political regime.

Plans for De-dollarization and Further Expansion

Over the course of the last year, the BRICS economic alliance has seen significant growth, fast-tracking several initiatives encompassing plans for de-dollarization and further expansion. The latter has now been realized with the formal inclusion of these five nations into the alliance.

Argentina's Change in Priorities

Interestingly, despite the initial invitation, Argentina chose to decline the chance to join the BRICS alliance. With the ascension of Javier Milei as the new President, there has been a shift in priorities towards dollarizing the Latin American nation, consequently diverging from the path of the alliance.

Continued Expansion Efforts and Future Aspirations

Reports suggest that the alliance has nearly 30 nations interested in joining the bloc in its future expansion. Also, plans for continued expansion have been set in motion as 2023 ended. The alliance anticipates an additional six countries to join during its forthcoming annual summit in Russia. This continuous effort towards enlargement has far-reaching implications and signifies the multipolar aspirations of the BRICS economic alliance.

Edited by Jonathan Stoker