BRICS is an represents the group that wants to bring the fastest-growing economic countries in the world together. BRICS represents the group of countries Brazil, Russia, India, China, and South Africa . The primary purpose of BRICS is to promote cooperation among its member nations . To address global challenges and to advocate for the interests of emerging economies on the international stage. . To achieve this, member states have put various plans in place to enhance economic growth and promote sustainable development within their own borders and around the world. BRICS contributes 30% of the world GDP, 17% of World Trade, and 45% of the global population.
While the idea of a common currency within the BRICS bloc is intriguing, the member states have put various plans in place to enhance economic growth and promote sustainable development within their own borders and around the world. However, there is currently no set timeline for the adoption of a common currency within the BRICS bloc.
Dollar Hegemony:
United States Dollar(USD) refers to the dominant currency in the global financial system and its widespread use as the world’s primary reserve currency. Over 80% of trade is in US dollars. However, there is a concept called “De-Dollarization” which refers to the process by which a country reduces its reliance on the United States dollar (USD) in its economy, financial system, and international transactions. This De-Dollarization concept was initiated in December 2022.In this year 2023, America’s major bank Silicon Valley Collapsed.
On Tuesday, Brazilian President Lula da Silva reignited talk of a BRICS currency . He defended the idea, saying in a live broadcast that the purpose of the currency would not be to “repudiate” the US dollar . Instead, it would be used to facilitate trade between developing countries nations. Additionally, in April, Lula said during a speech that he wanted to see the establishment of a BRICS currency. However ,with all these signals, there is a possibility of creating a common BRICS currency.
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