Morocco is vying for membership in the BRICS economic alliance, formally submitting a membership application before next week’s summit.
Morocco is currently vying for membership in the BRICS economic alliance, formally submitting a membership application before next week’s highly anticipated summit. As the bloc continues to expand, Morocco aims to join Saudi Arabia, Indonesia, and Egypt as a candidate for membership.
BRICS Nations Summit: An Expansion of Economic Alliance
In recent months, BRICS, the economic coalition of Brazil, Russia, India, China, and South Africa, has expanded. The upcoming summit will convene approximately sixty state leaders to establish expansionary standards for potential new BRICS members. However, the ultimate decision regarding which nations will join will likely be postponed.
JUST IN: 🇲🇦 Morocco officially submits application to join BRICS.
— BRICS (@BRICSinfo) August 15, 2023Due to its continued interest in BRICS, Morocco is poised to join the growing number of countries pursuing membership. However, it must contend with other candidates, and the outcome of its request will hinge on the criteria established at the upcoming summit.
Promotion of The currency, Not De-dollarization
Despite BRICS countries’ recent moves away from the US dollar, contrary to rumors, de-dollarization will not be a priority at the summit. Anil Sooklal, South Africa’s BRICS Ambassador, clarified that the emphasis will be on promoting indigenous currencies within the bloc.
“Trading in local currencies is clearly on the agenda,” Sooklal told Bloomberg in an interview. “There is no de-dollarization agenda item on the BRICS agenda.” The dollar will remain a prominent global currency; that is a given.”
Sooklal emphasized that BRICS is not an alternative to the West or the G7, contrary to what some narratives imply. Instead, the alliance intends to “advance the agenda of the Global South and build a more inclusive, representative, just, and fair global architecture.”
Expansion And Currency Augmentation
The upcoming meeting, scheduled for 22-24 August in Johannesburg, will likely address the bloc’s expansion and establishment of a unified payment system. The Johannesburg conference planned for 22–24 August is anticipated to focus on bloc expansion and a uniform payments system. A technical committee may consider a common currency as a long-term objective as negotiations progress.
BRICS, founded in 2009-10, accounts for over 42% of the world’s population, 23% of GDP, and 18% of global trade. However, the union has yet to reach its maximum geopolitical and economic potential. The summit will likely be pivotal in establishing a more inclusive and balanced global architecture.
The economic reach of the alliance is evident, with BRICS members striving to conduct more trade in their currencies to acquire global influence and counterbalance US dominance. By 2026, the New Development Bank, established by BRICS, intends to have one-third of its lending in domestic currencies.
The upcoming BRICS summit bears promise for the alliance’s expansion and the strengthening of local currencies. As Morocco awaits a decision on its membership application, the world observes the potential outcomes of the summit with keen interest.
