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In anticipation of the upcoming BRICS annual summit in South Africa, the UAE, Saudi Arabia, Bahrain, Egypt, and Iran have all formally requested to join the group of nations.
A total of 19 countries have shown interest in joining the emerging bloc of Brazil, Russia, India, China, and South Africa, according to the group's South African ambassador, Anil Sooklal.
"What will be discussed is the expansion of BRICS and the modalities of how this will happen... Thirteen countries have formally asked to join, and another six have asked informally. We are getting applications to join every day," Sooklal said.
The foreign ministers for the 5 member states have all confirmed their attendance at the upcoming BRICS summit in Cape Town the first week of June.
The growing economic bloc is now expected to surpass the economic growth expectations of the U.S.-led G7 states.
While the G7 and BRICS countries were equal in global economic growth in 2020, the G7 bloc's performance has decreased recently. It is projected that by 2028, BRICS will comprise 35 percent of the global economy while the G7 is expected to only make up 27.8 percent of it.
A few weeks ago, the Deputy Chairman of Russia's State Duma, Alexander Babkov, announced that BRICS is developing a "new currency" that will be revealed during the organization's upcoming summit in June.
BRICS member states currently account for more than 40 percent of the global population and almost a quarter of the global GDP, according to a Zerohedge report.
As more nations move away from the declining U.S. dollar, interest in joining BRICS has increased among the Global South nations.
While the dollar continues to be destabilized by rampant inflation and rising interest rates, the European economy is facing an energy crisis that has been caused by economic sanctions against Russian energy markets due to the country's invasion of Ukraine in 2022 and the subsequent US. sabotage of the Nordstream pipeline.
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It is projected that by 2028, BRICS will comprise 35 percent of the global economy while the G7 is expected to only make up 27.8 percent of it.
But I bet that the per capita income of the G7 citizens will still be many multiples of that of BRICS citizens.