19 Countries Keen to Join Emerging Markets Bloc BRICS

19 Countries Keen to Join Emerging Markets Bloc BRICS

Nineteen nations, including Algeria, Egypt and Indonesia have shown interest in joining the BRICS group of nations. The group has received membership requests from these nations ahead of its annual summit, said Anil Sooklal, South Africa’s ambassador to the group in an interview on April 24.

The BRICS group of nations is preparing to hold the proposed annual summit in South Africa. The emerging markets bloc will meet in Cape Town on June 2-3 to discuss its expansion, added Anil Sooklal. Thirteen countries have formally asked to join the group and another six have asked informally. Conclusively, Sooklal said new applications are submitted “every day.”

BRICS comprises Brazil, Russia, India, China, and South Africa. The group only admitted a single member of South Africa in 2010 since its formation as the BRIC in 2006. Earlier this year, the BRICS collective said that it is open to new members. As the bloc of countries has surpassed the G7 nations in GDP (PPP), it seems expansion could continue to implement a shift in the global power balance. This is specifically important amid the bloc’s continued efforts to replace the US dollar in international trade.

The foreign ministers from the five member states have all confirmed to attend the discussions in June. In addition to its membership, they will discuss “hot spots” such as Sudan.