BRICS Group Welcomes New Members
Recently, the BRICS Group, which includes countries like Brazil, Russia, India, China, and South Africa, has expanded its membership. Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE) have expressed their interest in joining the group. This move comes after an invitation was extended to these countries during the 2023 BRICS Summit held in Johannesburg.
However, while most countries accepted the invitation, Argentina declined. The country’s President, Javier Milei, rejected the offer as part of his campaign promise to shut down Argentina’s Central Bank and dollarize the economy. He aims to achieve this by implementing measures like reducing spending and removing subsidies and capital restrictions.
Argentina’s Decision Reflects Pro-America Stance
Milei’s decision to reject the BRICS invitation is aligned with his pro-America stance. While other countries in the alliance are focused on breaking the dominance of the US Dollar as the global reserve currency, Milei holds a different view.
Despite Argentina’s refusal to join BRICS, the group remains committed to its de-dollarization agenda. By expanding its membership and forming trade ties with oil-rich nations like Saudi Arabia, BRICS aims to gain more control over economic thresholds and reduce dependence on the US Dollar.
Hot Take: BRICS Expands Membership for De-Dollarization Agenda
The expansion of the BRICS Group to include new members like Saudi Arabia and Iran reflects its commitment to challenging the dominance of the US Dollar. By inviting countries that share similar interests in de-dollarization, BRICS aims to strengthen its position in international trade and reduce reliance on the global reserve currency. However, Argentina’s rejection of the invitation highlights differing views within the alliance. While some countries seek to distance themselves from the US Dollar, others maintain a pro-America stance. This expansion marks an important step in the ongoing de-dollarization agenda pursued by BRICS.
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