Approximately 126 nations will attend the BRICS Municipal Conference in Russia in October. All countries have indicated interest in joining the bloc and abandoning the US dollar. The number of developing countries that have expressed interest in joining the BRICS alliance – which includes Brazil, Russia, India, China, and South Africa – has been increasing as developing countries wish to eliminate their dependence on the US dollar to encourage local currencies for trade.
The attendance of 126 nations at this meeting demonstrates a distinct trend: a large number of countries are reassessing their economic dependence. As nations look into alternative currencies and economic relationships, the US dollar’s dominance – long regarded as the world’s reserve currency – is at risk, as per the Dinar Chronicles.
More than merely a change in economic alliance, the growing interest in BRICS indicates rising economies’ ambition to take charge of their financial futures. With nations contending with issues like inflation, trade barriers, and geopolitical unrest, the BRICS framework presents a viable substitute for conventional Western dominance.
More nations attending the BRICS summit is a sign of a major shift in global trade policies. Economies that frequently rely on the dollar for cross-border transactions may soon have the chance to collaborate in a currency-neutral system. This program is a great fit with the broader de-dollarization trend that has gained momentum, as countries like China and Russia have been actively working to lessen their reliance on the dollar. […]
— Read More: humanevents.com
