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Europe and the BRICS: Will there be a crossover during 2024’s summit?

BRICS and Europe

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  • The BRICS Summit is set for the latter half of this summer, focusing on expansion and de-dollarization.
  • There is increasing interest from European countries in BRICS, with speculation about their attendance at the summit in Russia.
  • BRICS has invited Serbia, marking its first potential expansion into Europe.
  • Other Western European countries are unlikely to join, especially due to Russia’s involvement in Ukraine.

Scheduled for later this year, the annual BRICS Summit is going to be one for the books, likely taking place during the latter half of the summer, similar to last year’s timing. The summit will gather the bloc’s member nations, interested parties, and representatives from the New Development Bank to hash out initiatives focused primarily on expansion and the move away from relying on the US dollar.

A key question hangs in the air: will European nations participate in this year’s BRICS summit?

With the bloc catching more eyes globally, it has particularly piqued interest among European countries. This sparks curiosity about whether any of these nations will journey to Russia to engage in the summit discussions.

In a push to widen its influence, BRICS has been active over the past year in integrating new members, having welcomed several at the beginning of 2024. The bloc plans to extend formal invitations to additional countries later this year, aiming to boost its global presence.

Notably, BRICS has made a strategic move towards Europe by inviting Serbia, marking its first overture towards European integration.

This development surfaced on March 29 when it was reported that Serbia had received an invitation to the upcoming summit in Russia. Given Serbia’s current non-member status with the European Union, aligning with BRICS could represent a substantial shift.

Such a partnership could considerably alter the European geopolitical landscape and prove advantageous for both Serbia and BRICS, particularly as the alliance seeks to diminish Western economic dominance and forge a new global economic order.

However, the likelihood of other Western European nations receiving invitations to the summit or joining BRICS remains low. The ongoing conflict, such as Russia’s involvement in Ukraine, has likely cooled interest among Eastern European countries in aligning with a bloc that includes Russia.

In another part of the world, the United Arab Emirates (UAE) has been recognized as one of the top three countries for global business in 2024, only outpaced by Hungary and the Netherlands. This ranking reflects an assessment of over 56 countries, highlighting the UAE’s significant role as a hub for economic activities and business startups.

This accolade is a testament to the thriving economy of the UAE, which have attracted substantial investments, including a $1.5 billion investment by Microsoft in UAE-based AI firm G42.

The addition of new members has been a crucial element in BRICS’ strategy to expand its economic interactions and influence. These countries have since begun to demonstrate their economic prowess, further strengthening the BRICS framework and enhancing its effectiveness in global economic policies.

Meanwhile, Colombia has expressed a keen interest in joining BRICS. In a discussion with Brazilian President Luiz Inacio Lula da Silva, Colombian President Gustavo Petro stated his country’s desire to become a full member as swiftly as possible. President Lula da Silva has shown support for this move, reflecting a growing acceptance and potential future expansion of the BRICS membership.

Presently, BRICS consists of ten countries, having expanded from the original five—Brazil, Russia, India, China, and South Africa, which joined in 2011. The expansion saw the addition of Egypt, Iran, UAE, Saudi Arabia, and Ethiopia, after Argentina decided against joining.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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