Expansion is at the top of the agenda as leaders from Brazil, Russia, India, China, and South Africa meet this week in Johannesburg for the 15th BRICS Summit. More than 40 countries have expressed interest in joining the five current members of the economic group as more countries see an opportunity to be part of a potential counterweight to the current Bretton Woods-led economic order. African countries including Ethiopia, DR Congo, and Nigeria have indicated interest in joining the group.
If, as expected, BRICS does start to expand it will confer more import to a group that already accounts for 40% of the world’s population and about 25% of the global aggregate GDP. It will also give more steam to those (nearly everyone in emerging markets/developing countries) who want to reduce the influence or reliance on the U.S. dollar for global trade. While the prospect of a so-called BRICS currency seems unlikely in the near future, the idea of de-dollarization for trade between member states is taking hold.
— Yinka Adegoke
