BRICS – whose original membership consists of Brazil, Russia, India, China and South Africa – already added 5 new members this summer: Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab of Emirates (UAE). These nations will officially become BRICS members starting January 1st, 2024. The Center For Strategic & International Studies reported that BRICS will now control 41% of the world’s oil supplies.
Argentina was also accepted in August, but thus far has denied their innovation after the newly elected President Javier Milei has indicated that they will not be joining, but rather transact in dollars as their new currency. Milei’s campaign promise, however, has already gone into limbo since being inaugurated.
Nevertheless, the world is making it clear that they looking to effectively dethrone the United States’ position on the world stage, and move away from the petrodollar.
One week ago the Silk Road Briefing, a BRICS associated news terminal, reported that 20 new nations are expressing interest and innovation to join BRICS. BRICS Ambassador at large, Anil Sooklal, said in statement:
Over 20 countries have formally applied to join BRICS, while the same number have expressed interest. This is affirmation that BRICS is playing an important role in championing emerging and developing economies. There are a large number of interested parties and these will be dealt with by the respective Foreign Ministers.
The publication lists the nations and what they could bring to the table:
- Afghanistan – An outlier, but Afghanistan has significant resources and is a member of the BRI. Diplomatic changes are required, but China, India and Russia are all keen to see redevelopment in the country once political stability can be secured.
- Algeria – In terms of market size, Algeria has the tenth largest proven natural gas reserves globally, is the world’s sixth-largest gas exporter, and has the world’s third-largest untapped shale gas resources.
- Bangladesh – Bangladesh is one of the world’s top five fastest growing economies and is undergoing significant infrastructure and trade development reforms. It shares a 4,100 km border with India.
- Bolivia – Asset-rich but relatively poor, Bolivia has the fastest GDP growth rate in Latin America.
- Cuba – Cuba’s sanctions defiance has long made it a favorite of China and Russia when wanting to annoy the United States. It also has significant agreements with China and Russia, is a member of the BRI and has significant Caribbean and LatAm influence.
- Ecuador – Ecuador is negotiating Free Trade Agreements with both China and the Eurasian Economic Union. It would make sense to substitute these with a looser BRICS arrangement.
- Indonesia – One of Asia’s leading economies, Indonesia’s potential has again been raised to join BRICS. In July 2023, Jakarta accepted an invitation to participate in the 2023 BRICS summit.
- Kazakhstan – Kazakhstan’s economy is highly dependent on oil and related products. In addition to oil, its main export commodities include natural gas, ferrous metals, copper, aluminum, zinc and uranium.
- Mongolia – Mongolia is both a problem and solution, while geographically attractive. It requires extensive investment in its energy sector; yet is resource-rich and a transit point between Russia, Kazakhstan and China. It is not a member of any trade bloc, with a looser BRICS arrangement better suited to maintaining its regional impartiality.
- Nicaragua – Nicaragua is a mining play and the leading gold-producing country in Central America. It has a Free Trade Agreement with the ALBA bloc, and is an influential player in the Caribbean.
- Nigeria – Nigeria’s Foreign Minister Yusuf Tuggar has announced that the country intends to become a member of the BRICS group of nations within the next two years. Nigeria has a GDP of US$448 billion, a population of 213 million and a GDP per capita of US$2,500. It has the world’s 9th largest gas reserves and significant oil reserves.
- Pakistan – Pakistan has filed an application to join the BRICS group of nations in 2024 and is counting on Russia’s assistance during the membership process, the country’s newly appointed Ambassador to Russia Muhammad Khalid Jamali has stated.
- Senegal – Senegal is a medium capacity gold mining and energy player, with reserves in gold, oil, and gas. The energy industry is at a growth stage as reserves have only recently been found. The energy-hungry BRICS nations will be keen to secure its supplies.
- Sri Lanka – Sri Lanka isn’t keen on opening up its markets yet has significant economic problems. China is interested in port and Indian Ocean access while Russian tourism investments are increasing. A BRICS agreement would be loose enough to satisfy all concerns, while India will want to keep an eye on it.
- Sudan – Sudan’s top five export markets are 100% BRICS – China, Russia, Saudi Arabia, India, and the UAE. Sudan also has regional clout. It is Africa’s third-largest country by area, and is a member of the League of Arab States (LAS). Should Sudan join the BRICS it would give the group complete control of the Red Sea supply routes.
- Thailand – Thailand is one of ASEAN’s largest economies, via ASEAN it has additional Free Trade Agreements with Australia, New Zealand, Japan, South Korea, China, Hong Kong and India, and agreements with Chile, and Peru. Thailand is also a signatory to the RCEP FTA between ASEAN and Australia, China, Japan, New Zealand, and South Korea.
- Turkey – Turkiye’s trade figures with the current and most of the upcoming BRICS members show significant growth. Getting access to BRICS NDB funding may also prove attractive for Ankara as talks are expected across a number of issues.
- Uruguay – Uruguay has joined the BRICS New Development Bank – a sure sign that official BRICS membership is pending.
- Uzbekistan – Uzbekistan is one of Central Asia’s fastest growing economies, yet it is hampered by being double-landlocked. Membership of BRICS would give it market access to China, Europe, and the rest of Asia in a more protected manner.
- Venezuela – Another outlier, but its energy reserves and political stance fit well with China and Russia’s needs.
This list of potential future candidates is on top of the other countries seeking to possibly align with BRICS, which include, Costa Rica, El Salvador, Guatemala, Honduras, Panama, Chile, Peru, Azerbaijan, Tajikistan, Turkmenistan, Vietnam, Cameroon, DR Congo, Kenya and Tanzania among others.
SEE: Rumors Still Persist That BRICS Might Back Their Currency With Gold, But Will They?
Lena Petrova, CPA, goes more into detail about what this means for the world economies and the uprising of BRICS.
AUTHOR COMMENTARY
It is also important to note that the Association of Southeast Asian Nations (ASEAN), also indicated earlier this year that they are looking to dump the dollar. ASEAN comprises 10 different Asian nations, which include: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam; with Australia and New Zealand also working closely with this association via new a free trade agreement pact established in November, 2022. Subtract Australia and New Zealand, and ASEAN affects over 600 million people and is one of the world’s largest economies.
In April, Malaysia’s Prime Minister Anwar Ibrahim said, “There is no reason for Malaysia to continue depending on the dollar.”
It is beyond clear to anyone who is paying attention what is happening. The American empire is over, it’s rapidly collapsing right in front of our eyes, while the rest of the world is moving to undercut the U.S.; having grown sick and tired of the country’s military and economic hegemony. Now with the U.S. at its weakest point, stretched thin, depleted of resources, lacking a strong military, and lacking enough skilled and able-bodied workers – these nations are looking to dethrone and takedown the U.S., for which they will. America’s problems become the world’s problems, and therefore when interest rates and inflation persist in the U.S., the rest of the dollar-dominated feels it.
Look, the U.S. had a good run, but it’s over. It’s the fall of Rome all over again.
The U.S. will not lose world reserve currency status overnight, but it will in the years to come, it will most likely be because of war.
He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
Proverbs 22:16
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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“Look, the U.S. had a good run, but it’s over. It’s the fall of Rome all over again.”
Amen brother, I couldn’t agree more. Drop the curtain and roll the credits. The End.
12 For the nation and kingdom that will not serve thee shall perish; yea, those nations shall be utterly wasted.
Isaiah 60:12
Hey Jacob,
Did you get my email on the next recruiting tactic the Army is doing? Hiring the Island Boys, those tattooed bozos on TikTok associated with an Army recruiter to try and get those numbers up. In your dreams U.S. Army. In your dreams U.S. Navy, and in your dreams, U.S. Air Force.
I believe that when America finally falls, it would be split into smaller countries. It is possible that the USA still exists, but it’s reduced to only the north east coast. Look at the former Soviet Union. It split into 15 countries after it fell.