BRICS to become alternative to global financial institutes

EghtesadOnline: "BRICS plays an important role in the international economic order, providing a balance regarding large powers that not always work in the interests of developing countries. BRICS countries have common interests and huge possibilities for foreign trade," he told TASS.

BRICS may "become an alternative to international financial institutes, such as the World Bank or the International Monetary Fund, as some largest economies of the world are among its members," Guzman noted.

The Cuban foreign ministry said in October that the country’s authorities had submitted an official request to be included in BRICS as a partner country in a message to Russian President Vladimir Putin.

The BRICS group of emerging economies has welcomed 2024 by officially adding five developing nations.

Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year.

Last year, the BRICS economic alliance has flourished. In what was undoubtedly a year of growth, the bloc fast-tracked a host of initiatives. Those range from its de-dollarization plans to its first-ever expansion bid. The latter of which is finally set to be made official.

Indeed, the BRICS alliance has welcomed 2024 by officially adding five expansion nations to its ranks. Specifically, it introduced Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia to be the first countries to constitute expansion since South Africa was added more than a decade ago.

The expansion is set to have massive geopolitical ramifications, as they could be hugely important to its multipolar goals. / Mehr