BELARUS EXPECTS APPROVAL AS BRICS PREPARES TO ADD 10 NEW MEMBERS

Sat 28 September 2024:

Belarusian Foreign Minister Maxim Ryzhenkov announced Saturday that the BRICS economic bloc is set to add around 10 new members during its upcoming summit in Kazan, Russia, in October.

Speaking on the sidelines of the UN General Assembly in New York, Ryzhenkov said Moscow, which holds the BRICS chairmanship this year, is finalizing the list of nations for the bloc’s expansion. He expressed optimism that Belarus’s application for membership would be approved.

The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has been expanding its influence globally and has ambitious plans for the future. In 2023, BRICS countries have begun exploring ways to reshape the global economic and political landscape, focusing on reducing reliance on the U.S. dollar and increasing trade in local currencies. This could lead to the creation of a BRICS currency or a stronger financial cooperation system among its members, including the potential establishment of a joint development bank or payment system.

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Expansion of BRICS Membership

One of the most significant developments for BRICS is the expansion of its membership. At the 2023 BRICS Summit in Johannesburg, the bloc invited six new countries to join: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. These new members bring additional geopolitical weight and economic influence, especially in sectors like energy, given Saudi Arabia’s and the UAE’s oil dominance.

Focus on Multilateralism and Development

BRICS has also signaled a commitment to reforming multilateral institutions like the United Nations and the World Bank to better represent the interests of developing nations. The bloc is focused on increasing its role in global governance while pushing for more inclusive development policies, with plans to bolster infrastructure projects and promote sustainability across member states.

With an expanded group and ambitious goals, BRICS is positioning itself as a significant force in shaping a multipolar world, challenging Western-led institutions, and increasing its global economic and political footprint.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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