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News

BRICS Economic Alliance Challenges US Dollar Supremacy: 13 Countries Vie for Membership!

May 21, 2023 - Around 3 mins mins to read

Key Points:

  • 13 countries apply to join global economic alliance BRICS; considering launch of global currency backed by gold to shift away from US dollar.
  • BRICS based on political security, economic and financial development, and social interaction among member countries; encouraging members to settle transactions in own national currencies.
  • Leaders plan to discuss sustainable development and green energy initiatives at yearly BRICS summit in August.
According to an interview with TV BRICS, African Ambassador Anil Sooklal has revealed that countries from Africa, Latin America and Asia have expressed their interest in joining the global economic alliance known as BRICS.
13 Countries Vie for Membership

In fact, at least 13 countries from these regions have applied or formally approached the BRICS leaders to become members of the association. This is a positive development for the bloc as it demonstrates the confidence of the global south in the leadership of the association.

Sooklal further shared that BRICS, which is reportedly considering the launch of a global currency backed by gold, is now encouraging its members to shift away from the US dollar and settle transactions in their own national currencies. This shift is seen as a move towards creating a stable global financial arena, which is critical for the creation of a global political architecture that is equitable and just, and provides a safe environment for all.

BRICS is based on three pillars – political security, economic and financial development, and social interaction among member countries. All three pillars are critical to achieving a stable global political architecture. In addition to economic and financial development, leaders of the alliance plan to discuss sustainable development and green energy initiatives in their yearly summit, which will be held in August.

The global economic alliance known as BRICS is attracting the interest of countries from Africa, Latin America, and Asia, with at least 13 countries expressing their desire to become members of the association. The alliance is now encouraging its members to shift away from the US dollar and settle transactions in their own national currencies, which is seen as a move towards creating a stable global financial arena. The three pillars of the alliance – political security, economic and financial development, and social interaction among member countries – are critical for achieving a stable global political architecture.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

African Ambassador Anil Sooklal

BRICS

BRICS Economic

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

BRICS Economic Alliance Challenges US Dollar Supremacy: 13 Countries Vie for Membership!

Key Points:

  • 13 countries apply to join global economic alliance BRICS; considering launch of global currency backed by gold to shift away from US dollar.
  • BRICS based on political security, economic and financial development, and social interaction among member countries; encouraging members to settle transactions in own national currencies.
  • Leaders plan to discuss sustainable development and green energy initiatives at yearly BRICS summit in August.
According to an interview with TV BRICS, African Ambassador Anil Sooklal has revealed that countries from Africa, Latin America and Asia have expressed their interest in joining the global economic alliance known as BRICS.
13 Countries Vie for Membership

In fact, at least 13 countries from these regions have applied or formally approached the BRICS leaders to become members of the association. This is a positive development for the bloc as it demonstrates the confidence of the global south in the leadership of the association.

Sooklal further shared that BRICS, which is reportedly considering the launch of a global currency backed by gold, is now encouraging its members to shift away from the US dollar and settle transactions in their own national currencies. This shift is seen as a move towards creating a stable global financial arena, which is critical for the creation of a global political architecture that is equitable and just, and provides a safe environment for all.

BRICS is based on three pillars – political security, economic and financial development, and social interaction among member countries. All three pillars are critical to achieving a stable global political architecture. In addition to economic and financial development, leaders of the alliance plan to discuss sustainable development and green energy initiatives in their yearly summit, which will be held in August.

The global economic alliance known as BRICS is attracting the interest of countries from Africa, Latin America, and Asia, with at least 13 countries expressing their desire to become members of the association. The alliance is now encouraging its members to shift away from the US dollar and settle transactions in their own national currencies, which is seen as a move towards creating a stable global financial arena. The three pillars of the alliance – political security, economic and financial development, and social interaction among member countries – are critical for achieving a stable global political architecture.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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