In recent news, a total of 24 nations are seeking to create a strategic alliance that would challenge the US dollar’s status as the world’s reserve currency. The group of five economically-aligned countries known as BRICS is reportedly on the verge of a massive expansion, thus possibly causing a shift in global economic power.
The core collective of BRICS consists of Brazil, Russia, India, China, and South Africa. If the other nations interested in joining the alliance are successful, the total number of nations would increase to 24.
According to South Africa’s BRICS ambassador, Anil Sooklal, many nations are interested in joining the alliance. Thirteen countries have formally requested to join, and an additional six countries have informally expressed interest in becoming part of the alliance.
The list of nations interested in joining BRICS includes Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed nations from East Africa, and one from West Africa.
BRICS was established in 2006, but South Africa didn’t join until 2010. The group is in the early stages of developing a new global currency that would circumvent the US dollar. According to the Russian state-owned news agency Sputnik, the new fiat currency will likely be backed by other assets, including precious metals like gold.
Russian State Duma Deputy Chairman Alexander Babakov suggests that additional details about the new currency will emerge by the summer. The next BRICS summit is scheduled to take place in South Africa in late August.
The potential expansion of BRICS and the development of a new global currency could have significant implications for the global economy. It remains to be seen how successful the alliance will be in challenging the US dollar’s status as the world’s reserve currency, but the world will undoubtedly be watching.
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