From January 1, the BRICS bloc will gain nine new allies: Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. Together with its official members Brazil, Russia, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates, it accounts for about half of the world's population and generates more than 41% of global GDP.
BRICS and new allies
The above countries have been invited to join the Alliance Group at the summit to be held in Kazan in October 2024. Other offers were made to Algeria, Nigeria, Turkey and Vietnam, but none of these countries gave a clear answer. geopoliticaleconomy.com reported that the two countries may become allies in the future. The Kremlin said in December that it “looks forward to action in the near future.”
See also: Vladimir Putina at the BRICS Business Forum: Russia is deliberately disrupting the supply of grain and fertilizers abroad
The BRICS group was established in 2009 by Brazil, Russia, India, and China as BRICs. South Africa also joined in 2010. In 2023, additional countries joined the summit in Johannesburg, including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
BRICS members and partners are world leaders in the production of grain, meat, crude oil, natural gas, copper, nickel, and iron. BRICS countries also dominate the production of sugarcane, corn, rice, wheat, fruits, and potatoes.
Do BRICS have a common currency?
The official goals of BRICS survival include, among others: Creation of a new monetary system and reform of the United Nations. In 2020, the GDP of BRICS countries exceeded the economic growth rate of G7 countries.
Reference: Russia. Crossing the border with Estonia. Kremlin issues statement
In 2023, Brazilian President Luiz Inácio Lula da Silva proposed creating a common currency in South America to reduce dependence on the US dollar. It applies to the bloc consisting of Argentina, Brazil, Paraguay and Uruguay.
At the International Economic Forum in St. Petersburg, Russia, President Vladimir Putin asserted that BRICS countries are ready to adopt a common currency. He added that they are currently preparing and plan to cover more countries. Following threats from Donald Trump, some leaders have publicly denied creating a new currency.
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