BRICS Nations Unite to Boost Economic Independence, Cut Reliance on U.S. Dollar
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Deputy Foreign Minister Mikhail Bogdanov from Russia has shared that the BRICS nations are joining together to strengthen their independence and reduce their reliance on the U.S. dollar.
He described the dollar as a tool used by Western countries, especially the U.S., to exert political and economic influence over other nations.
Bogdanov stated that BRICS offers an alternative to systems controlled by Western countries.
However, he emphasized that the group is not against the West; instead, it aims to create a space where member countries can operate without being influenced by Western powers.
✅ Escaping Financial Control: Why BRICS Is Shifting Away From US Dollar System
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The main goal of BRICS is to strengthen the sovereignty of its member states by finding new ways to trade and interact that do not depend on the U.S. dollar.
By moving away from the dollar, BRICS countries hope to protect themselves from the pressures they face from Western nations.
This shift is about creating a more balanced global economy where they can make their own choices without outside interference.
Therefore, the shift away from the U.S. dollar by BRICS nations could weaken the dollar’s dominance in global trade, impacting its value and creating uncertainty for investors.
Meanwhile, the positive side of BRICS moving away from the U.S. dollar includes enhanced economic cooperation among member nations, which could lead to new trade opportunities and reduced dependence on a single currency. This diversification may foster stability and resilience in global markets.
BRICS Expands Membership Amid Growing Global Interest
Deputy Foreign Minister Mikhail Bogdanov said that more countries are interested in joining BRICS because of its great potential. He believes this growing interest shows that nations see value in working together within this group. BRICS was originally formed in 2006 with Brazil, Russia, India, and China.
In 2011, South Africa joined, and on January 1, 2024, the group expanded again by adding Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia as full members.
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The 16th BRICS Summit took place from October 22 to 24 in Kazan, Russia, marking an important event for the organization.
This summit was significant as it was the first for the new members, highlighting BRICS’ increasing influence in the world.
The gathering focused on the agenda set by Russia’s presidency and showcased how BRICS is evolving into a more powerful player on the global stage.
BRICS Leaders Endorse Kazan Declaration to Strengthen Financial Cooperation and Reduce Dollar Dependence
At the summit, BRICS leaders agreed on the Kazan Declaration, which explains their views on world issues and local conflicts. They stressed the importance of building a stronger financial connection among BRICS countries. This means they want to use their own currencies more in trade and make it easier to send money across borders.
Russian Deputy Foreign Minister Sergey Ryabkov announced that Russia’s leadership of BRICS has pushed forward efforts to reduce reliance on the U.S. dollar, and this responsibility will now be passed on to Brazil for further action.
He highlighted the importance of mutual settlement clearing systems to lessen dollar dependence. Ryabkov also mentioned that these agreements are essential for avoiding “illegitimate sanctions,” including those imposed indirectly by other countries.