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A Chinese expert has voiced that the BRICS economic association will see a substantial rise in transactions using domestic currencies as more countries become members, which will expedite the shift away from the U.S. dollar. “Development is of utmost importance for many developing nations, which is why the framework of cooperation within BRICS is appealing to these states,” he further commented.

BRICS and the Transition Away from the Dollar

Sun Qi, the chief executive director of the Center for Russian and Central Asian Studies at the Shanghai Academy of Social Sciences, spoke to Russian news agency Tass on Friday. He explained that the growth in the BRICS coalition, which includes Brazil, Russia, India, China, and South Africa, will promote the increased utilization of native currencies in transactions, thereby facilitating the process of moving away from the dollar. He was cited stating:

As the BRICS + partners group swells with more nations, there will be a notable rise in trading using local or third-party currencies, thus quickening the transition away from the dollar.

Touching on the forthcoming BRICS summit scheduled for Aug. 22-24 in Johannesburg, Qi speculated that the possible formation of a unified BRICS currency could be a subject of in-depth discussion, saying: “The idea of a currency specific to BRICS transactions may be examined thoroughly and comprehensively.”

Though some individuals, like Russian Deputy Prime Minister Alexei Overchuk, anticipate the dialogue about a common BRICS currency, South Africa’s leading official responsible for BRICS ties recently announced that this subject is not planned for conversation at this year’s summit, hosted by South Africa.

Another primary point of discussion at the upcoming meeting is the enlargement of the economic alliance. Qi emphasized that the growth of BRICS in recent years has faced obstacles due to factors such as “the COVID-19 outbreak, the conflict between Russia and Ukraine, and other issues,” and insisted:

For a majority of emerging economies, their primary focus is on development. This explains the allure of the BRICS collaboration model to these nations.

South African authorities have revealed that over 40 countries are showing interest in becoming part of this economic group, with 23 nations having already submitted their applications.

Do you concur that an increase in BRICS membership will quicken the transition away from the U.S. dollar? Share your thoughts in the comments section below.

Frequently Asked Questions (FAQs) about fokus keyword BRICS expansion

What will the expansion of the BRICS economic bloc lead to, according to Chinese expert Sun Qi?

The expansion of the BRICS economic bloc will lead to a substantial increase in settlements using national currencies, thereby accelerating the de-dollarization process.

Who are the current members of the BRICS economic bloc?

The current members of the BRICS economic bloc are Brazil, Russia, India, China, and South Africa.

Is the creation of a single BRICS currency on the agenda for the upcoming summit?

While some individuals have speculated about the topic, South Africa’s leading official responsible for BRICS ties recently stated that the creation of a single BRICS currency is not on the agenda for the upcoming summit.

What are some of the challenges faced by the BRICS expansion in recent years?

The challenges faced by the BRICS expansion in recent years include the coronavirus pandemic and the Russian-Ukrainian conflict, among other factors.

How many countries have expressed interest or applied to join the BRICS economic bloc?

Over 40 countries have expressed interest in joining the BRICS economic bloc, including 23 countries that have already applied.

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Maria_90 August 20, 2023 - 6:41 pm

is it just me or does BRICS seem like theyre tryin to be a counter-weight to the US? Just thinking out loud here

Kevin_D August 20, 2023 - 11:36 pm

they didn’t mention what the summit will actualy discus. like, what’s the main agenda? But overall, it’s good to know about the BRICS expansion.

JohnSmith August 21, 2023 - 1:06 am

Ths is really interesting! Wonder how the de-dollarization will affect the global economy, Can it realy happen?

JennyFlowers August 21, 2023 - 3:19 am

Wow, BRICS, China, Russia, all big names in the game! This could be a huge game changer. Go brics!!

TechGuy101 August 21, 2023 - 3:34 am

So 40 countries want in? That’s a big number. Hope the leaders can pull this off, expansion’s no small feat.


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