“Dollar in trouble?”: Meet The Bold African Nations Moving to Join Other Countries to Crash The US Dollar
- Two African countries are officially joining the BRICS bloc beginning January 2024
- Egypt and Ethiopia have formalized plans to join the Brazil, Russia, India, China, and South Africa group.
- Ethiopia is now the only low-income country joining the bloc as it looks to ditch dependence on US dollar
With the revelation that about six other countries have been told to become new members, the BRICS block of top developing economies has taken a bold step to expand its reach and influence.
Two of the six African countries joining the BRICS bloc are Egypt and Ethiopia, with Nigeria, Africa’s largest economy, observing events on the fringes.
Source: Getty Images
Six nations set to join the BRIC bloc next year
Beginning in January 2024, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE will become official members of the BRICs alliance.
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In 2009, Brazil, Russia, India, and China founded the bloc, and in 2010 South Africa became a member of the group.
The BRICS bloc is now said to be working to develop a more robust group of developing countries that can advance the causes of the Global South.
At their annual meeting in South Africa last week, over 40 countries they had shown interest in becoming members of the group, with 23 registering formally to join, including African countries of Ethiopia and Algeria, which have officially been accepted to join.
The BRICS bloc said in the Johannesburg declaration that it appreciates the interest shown by prospective members.
After reaching a consensus on the guiding principles, standards, criteria, and procedures of the BRICS expansion processes, they chose the six nations. Still, it didn’t go into further depth about the exact criteria.
BRICS move to develop new currency to replace doallar
The Chinese President Xi Jinping also referred to the six nations as historic. Jinping has been an ardent advocate for the inclusion of new members, arguing that a larger BRICS would give the global south a more robust and influential voice in international affairs.
BRICS’ only low-income nation is now Ethiopia, which its President, Abiy Ahmed, described as a great moment for his country.
Reuters reports that on August 23, the Brazilian President, Luiz Inacio Lula da Silva, called on BRICS nations to develop a common currency for trade and investment between each other to reduce dependence and vulnerability to dollar exchange rate fluctuations.
However, officials have pointed out the difficulty of such a project due to the economic, political, and geographic differences between the BRICS nations.
New world order beckons as Russia, Brazil, South Africa, others working to develop new currency
Legit.ng reported that The emerging markets, Brazil, Russia, India, China, and South Africa, known as BRICS, are allegedly working to develop a new type of currency.
A high-ranking Russian official, the deputy chairman of the Russian State Duma, Alexander Babakov, stated that the new currency would be discussed at the next BRICS leaders' summit, according to a report by Bitcoin.com.
Babakov said the transition to settlement in national currencies is the first step.
Source: Legit.ng
