Syria has officially applied to join BRICS, according to Bashar Jaafari, the country’s ambassador to Russia.
Speaking on the sidelines of the North Caucasus: New Geostrategic Opportunities conference, Jaafari said:
“We are very interested in joining BRICS. We have sent written requests to join the organization.”
Syria, like many other countries right now, is looking to align itself with BRICS mainly because it offers an alternative to Western-dominated institutions like the International Monetary Fund (IMF) and World Bank.
BRICS expansion and upcoming summit
In August last year, the bloc invited six new countries to join. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
While Argentina later declined in late December, the remaining five became full members on January 1st.
Russia currently holds the rotating presidency of BRICS, and Putin is preparing to host a major summit in Kazan from October 22 to 24.
This summit will likely see discussions around further expansion, as roughly 30 countries have expressed interest in joining since January, including Turkey, Algeria, Bangladesh, and Indonesia among others.
BRICS now represents about 46% of the global population (3.5 billion people) and accounts for 36% of the world’s GDP, which totals approximately $29 trillion.
The bloc’s collective share of global oil production stands at 44%, giving it massive leverage in energy security and global economic discussions.
Strict new criteria for membership
Countries looking to join BRICS must meet some pretty strict requirements.
Russian Deputy Foreign Minister Sergey Ryabkov recently outlined these conditions, emphasizing that new members must demonstrate a commitment to defying Western sanctions.
They must also uphold independent sovereign policies. Applicants must also align with BRICS’s core principles of equality, mutual respect, and inclusiveness.
They must vow to support multipolarity and enhance the role of developing countries in global governance.
Economic standing is another factor. The countries interested need to have strong economies and huge regional and global influence, particularly when it comes to trade with existing members.
Strong diplomatic relations with all BRICS countries are also required.
The de-dollarization mission
One of the most important things for BRICS is de-dollarization. The bloc has been actively working towards moving away from dependence on the U.S. dollar in global trade.
Putin has said that this will be a major agenda point at the summit. The president claims that 75% of its trade is now done without the dollar.
One thing that is helping the countries achieve their de-dollarization goals, they’ve been thinking about creating an entirely new payment system so they can ditch SWIFT.
BRICS has been working on this since 2015. The United Nations Secretary-General, Antonio Guterres, has also been invited to the summit.
Reportedly, the group is also looking at building deeper alliances in areas like cultural exchanges, scientific cooperation, healthcare, and environmental protection.
These efforts are part of a strategy to create a stronger, more united front against what they perceive to be neo-colonial practices by the West.
Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
