Morocco has reportedly submitted a bid to become a member of the BRICS economic alliance.
The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is an economic alliance for developing countries.
The application was submitted ahead of the upcoming BRICS summit scheduled to take place in South Africa next week.
The summit is expected to gather around 60 heads of state to establish expansionary standards for potential new members of the alliance. However, experts suggest that the final decision on which countries will be granted membership might be postponed, according to reports.
South Africa’s BRICS Ambassador Anil Sooklal emphasized that the focus of the upcoming summit would revolve around bolstering the usage of local currencies within the alliance.
The ambassador further clarified that BRICS is not designed to counter the Western world or the G7. Rather, it seeks to advance the interests of the Global South, striving to create a more inclusive, equitable, and just global architecture.
More than 40 countries expressed interest in joining the BRICS group, according to South Africa’s top diplomat responsible for BRICS relations.
The list of interested nations includes Algeria, Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan.
The BRICS consortium covers a substantial portion of the global economy, accounting for over 40% of the world’s population and approximately 26% of global economic output.
The news comes almost one month after Algeria publically submitted an application to join the alliance. Algeria expressed interest in becoming a shareholder member of the BRICS Bank.
Algerian President Abdelmadjid Tebboune stated that his country is looking to contribute $1.5 billion as its initial investment in the bank.
