BRICS’ New Additions and the Looming Challenge to US Dollar Dominance
EDITOR'S NOTE: The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as new members of BRICS (Brazil, Russia, India, China, South Africa) as of January 1, 2024, marks a significant expansion of this influential geopolitical alliance. The entry of these diverse economies showcases the growing global influence of BRICS. One key aspect to highlight is the potential risk this expansion poses to the dominance of the US dollar. As BRICS nations continue to enhance their economic cooperation and explore alternatives to traditional financial systems, such as developing mechanisms for trade and investment in their local currencies, the USD's stronghold as the world's primary reserve currency could be challenged. The combined economic strength of these nations and their efforts to reduce reliance on the dollar could lead to a gradual shift in the international financial landscape, impacting the longstanding supremacy of the US dollar.
It's official.
The new BRICS Members as of January 1, 2024:
1) Argentina
2) Egypt
3) Ethiopia
4) Iran
5) Saudi Arabia
6) United Arab Emirates
Official declaration: http://chinaglobalsouth.com/wp-content/uploads/2015/05/Jhb-II-Declaration-24-August-2023_230824_093753.pdf
Ht China global south on twitter.
As of 7:49
