BRICS Invites 13 Nations to Join as Partners, Expanding Global Reach

Coinpedia
SNT1,25%

BRICS granted 13 nations “partner” status, signaling ambitions for wider influence as nations aim to strengthen currency networks and reduce dependence on the U.S. dollar.

An Uncharted Path: BRICS Welcomes Partner Countries in Strategic Move

Indian Foreign Ministry spokesperson Randhir Jaiswal has confirmed that, following the recent BRICS summit in Kazan, thirteen countries were granted partner status with the economic bloc. Jaiswal clarified that partner status differs from full membership, stating:

Thirteen states have been admitted as partner countries. It was a collective decision of the BRICS nations.

Hosted under Russia’s leadership, the summit concluded with the adoption of the Kazan Declaration. This gathering marked the first official BRICS meeting attended by Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) as full members. The new member states joined Brazil, Russia, India, China, and South Africa on Jan. 1. The expansion brings BRICS’ full membership to a total of 10 countries, signaling the group’s intent to bolster global collaboration and economic coordination.

The newly designated partner countries, which will engage in BRICS initiatives without full membership privileges, are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam. Russian President Vladimir Putin noted that although the list of partner countries has been agreed upon, finalization will occur after formal invitations are issued and accepted.

At the summit’s close, BRICS leaders outlined a commitment to building a payment network for local currencies, aiming to simplify cross-border transactions while reducing reliance on the U.S. dollar. They emphasized initiatives to foster financial cooperation by encouraging transactions in domestic currencies and supporting rapid, low-cost international payment s.

Putin suggested establishing an economic platform for BRICS to expand investment across BRICS nations and the Global South and East. He noted the strong potential of emerging economies as drivers of future global economic growth. This proposed platform would focus on increasing investment in major infrastructure and technology projects, ultimately promoting secure, independent financial pathways.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.
Comment
0/400
No comments