126 countries meet to discuss abandoning the US dollar, nearly half of the world's countries are interested in joining the BRICS and overthrowing the US dollar

A total of 126 nations are set to attend the BRICS Municipal Conference in Moscow on 27–28 August, with many expressing interest in joining the alliance and moving away from the US dollar for international trade. The event marks a significant step towards expanding the bloc and promoting the use of local currencies among developing nations.

Read more: China's Bold Move: $74 Billion Dumped from US Treasuries in Just One Year, While Two BRICS Nations Signal Dollar-Free Trade

Almost Half Of The World Shows Interest in Joining BRICS and Dethroning The US Dollar

The BRICS nations—Brazil, Russia, India, China, and South Africa—are witnessing a surge in interest from developing countries across Asia, Africa, South America, and Eastern Europe. These nations aim to reduce their reliance on the US dollar and foster stronger local currencies, which they believe could lead to a more balanced global financial landscape.

While only 26 nations have formally applied to join BRICS, an additional 21 have expressed informal interest, and many others are observing the alliance's activities closely. The increasing interest reflects a growing desire among these countries to create a more equitable global economic environment.

Paul Frimpong, the founder of the Africa-China Centre for Policy Advisory, highlighted that "more than 40 countries have expressed interest in joining BRICS." He noted that the bloc attracts diverse potential members primarily due to a shared objective to reform a global system perceived as biased against them.

Source: Li Xueren / Xinhua / Getty Images

VI International Municipal Forum to Address Key Areas and Promote BRICS' De-Dollarisation Goals

The VI International Municipal Forum (IMF) will focus on 13 key areas, including international municipal cooperation, economy, digital technologies, industry, energy, urban infrastructure, transport, ecology, healthcare, education, science, culture, sports, and tourism. More than 70 business events and exhibitions, such as the annual "DIGITECH+" and "Mechanical Engineering: Strategies and Technologies," will also be held during the conference.

The forum aims to facilitate discussions on enhancing local currencies, fostering digital advancements, and building robust municipal and international partnerships. These areas align with the bloc's ambition to attract new members and promote de-dollarisation.

Read more: New commitments: Could BRICS be the reason behind Saudi Arabia’s Petrodollar exit

Municipal Conference Sets Stage for Key Discussions at 16th BRICS Summit in Russia

This municipal conference is seen as a crucial precursor to the 16th BRICS Summit, scheduled to take place in Kazan, Russia, from 22–24 October 2024. This summit will be the first since the bloc's expansion discussions, and it will provide a platform for leaders to address key issues, including the potential creation of a BRICS currency and further enlargement of the alliance.

The momentum gathered from the conference and the increasing interest from nations worldwide are likely to influence the summit's discussions. The prospect of a new currency and a shift away from the US dollar will be at the forefront of the agenda, as BRICS seeks to strengthen its position on the global stage.

Rising Global Interest in BRICS Signals Shift Away from Dollar-Dominated Economy

With nearly half of the world's countries expressing interest in BRICS, the alliance's strategy to move away from the US dollar could gain significant traction. The BRICS bloc is increasingly viewed as a vehicle for developing countries to assert greater economic autonomy and influence.

The growing queue to join the alliance signals a shifting geopolitical landscape, where more nations are eager to explore alternatives to the existing dollar-dominated system. This trend could lead to a more diversified and multipolar global economy, with BRICS playing a central role.

Read more: Russia to Launch Two Crypto Exchanges and a BRICS Stablecoin

Conclusion

The BRICS Municipal Conference and the upcoming summit are set to shape the future of the alliance and its potential to challenge the dominance of the US dollar. With many countries keen to join and explore new avenues for economic collaboration, BRICS is poised to become a more influential force in global economic affairs.