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At its ongoing Summit in South Africa, BRICS announces new members as Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE.
This expansion of BRICS holds significant implications for the new world order or the multipolar world, as it strengthens the collective influence and presence of BRICS on the global stage.
BRICS member states equally instruct their various finance ministers to work on the settlement of international trades with their respective national currencies, rather than the reliance on the dominance of the USA dollar.
This development marks a major shift in the United States led unipolar world order, where the Dollar rules. This move aims to reduce dependency on the dollar and promote greater economic autonomy for BRICS countries.
Settling trades in national currencies could potentially offer benefits such as reduced exchange rate risks and enhanced trade relations between BRICS members and uphold the sovereignty of member states.
However, there are economic experts who assert that it is important to note that transitioning away from the dollar-dominated system would require careful considerations and coordination among the involved parties. They believe that the implications of this shift will impact global financial markets and could potentially face challenges from existing structures and institutions.
Overall, the expansion of BRICS and the exploration of settling international trades in national currencies signify a growing desire among member countries to establish a more diverse and balanced global economic landscape. The success and impact of this shift will depend on the ability of BRICS nations to effectively navigate the complexities of the current international monetary system.
Meanwhile, China’s President Xi Jinping, at the BRICS Summit, expressed his country’s intention to enhance cooperation with Africa in the future. This collaboration will involve providing a comprehensive range of data products for satellite mapping.
President Xi Jinping also announced that Chinese financial institutions are preparing to launch a special fund worth $10 billion to implement a global development initiative.
BRICS membership (GDP):
Brazil: $2.08 trillion
Russia: $2.06 trillion
India: $3.74 trillion
China: $19.37 trillion
South Africa: $399 billion
Join BRICS starting from January 1st, 2024:
Argentina: $641 billion
Egypt: $387 billion
Ethiopia: $156 billion
Iran: $367 billion
Saudi Arabia: $1.06 trillion
UAE: $499 billion
Total: $30.76 trillion (30% of the global economy)
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