BRICS – Brazil, Russia, India, China, and South Africa – haven’t formally announced the creation of a new currency but more than 40 countries are already indicating their interest to join the bloc according to Anil Sooklal, South Africa’s ambassador to BRICS.
So far, BRICS has not accepted any new members but is already entertaining the possibility of accepting more countries after 22 submitted a formal intent to join and another 22 informally expressed their intention.
Among the countries that submitted applications are Argentina, Bangladesh, the United Arab Emirates, Iran, and Saudi Arabia. There are some European countries too.
There are 69 global leaders invited to the meeting in August which would make the extent of BRICS’ potential global influence more tangible.
According to South Africa’s Institute for Security Studies, BRICS nations represent 42% of the world’s population but have less than 15% of the voting rights in the World Bank and the International Monetary Fund (IMF). BRICS intends to form a bigger coalition so they can address problems that the IMF or the World Bank aren’t addressing. These problems will be discussed extensively in the next meeting.
The ambassador and his counterparts “discussed four broad areas that needed to be addressed to decide on the criteria for expansion” earlier this month, and these four areas will be elaborated upon during a meeting of the bloc’s foreign ministers later on Thursday, he said.
Sooklal, however, denied that a gold-backed currency is on the agenda. This contradicts reports by Russia’s state-backed RT news network.
Sooklal said that they are still moving away from the U.S. dollar and that Western sanctions against Russia imposed after the Ukraine invasion are accelerating the transition. Right now, however, they intend to do that by strengthening trade using their local currencies.
BRICS is determined to make it happen. In fact, it was announced that Russian President Vladimir Putin would not attend in person, averting a potential diplomatic crisis as the host country is a member of the International Criminal Court and could be obligated to arrest him over alleged war crimes committed by Russia in Ukraine.
This shows the solidarity of the countries. New currency or not, it is a real threat to the US economy.
Source: Dinar Recaps
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