By Blessing Enechojo Abu
The pressures on the dominance of the US Dollar continue to build up as 19 countries have submitted requests to join BRICS.
The US dollar’s position as the dominant global reserve currency has faced lots of questioning lately with Saudi Arabia, China, Russia, and Iran clearly making moves to seek alternatives to the US dollar.
The BRICS group which consists of countries Brazil, Russia, India, China, and South Africa might discuss this expansion during their annual submit in Cape Town, South Africa on June 2-3.
South Africa’s ambassador to the group, Anil Sooklal, in an Interview, discussed the upcoming submit.
“What will be discussed is the expansion of BRICS and the modalities of how this will happen,” he said.
“Thirteen countries have formally asked to join and another six have asked informally. We are getting applications to join every day,” Sooklal said. Sooklal confirmed that Saudi Arabia and Iran are among the 19 countries that have formally applied to join BRICS.
Since the formation of BRIC in 2016, they have only admitted one new member, South Africa in 2010.
As the BRICS chair last year, China initiated a conversation about expanding the group in its bid to build diplomatic clout to counter the dominance of developed countries in the UN. This was a cause of concern to the other members of the group fearing that their influence might be diluted, especially if China’s close allies are admitted into the group.
China, being the world’s second-biggest economy has a gross domestic product that is more than twice the size of all four other Brics members combined.
All five foreign ministers From member countries have now confirmed that they’ll attend to the discussion of membership Addition in their June submit.