BRICS, the economic bloc consisting of Brazil, Russia, India, China, and South Africa, is set to increase the use of national currencies in settlements, which will help accelerate de-dollarization. The upcoming BRICS summit will discuss the creation of a single BRICS currency for transactions between member countries. However, South Africa’s top diplomat has stated that this topic is not on the agenda for the summit. Another major topic of discussion will be the expansion of the economic bloc, with over 40 countries expressing interest in joining, including 23 countries that have already applied. The BRICS cooperation mechanism is attractive to developing countries prioritizing their development. The expansion of BRICS has been hindered by factors such as the coronavirus pandemic and the Russian-Ukrainian conflict.
Overall, the BRICS economic bloc aims to increase the use of national currencies in settlements, potentially leading to de-dollarization. The creation of a single BRICS currency is a topic of interest, although not confirmed for the upcoming summit. The expansion of BRICS is a priority, with numerous countries expressing interest in joining. However, challenges such as the pandemic and conflicts have slowed down the expansion process. The BRICS cooperation mechanism offers attractive opportunities for developing countries seeking economic growth.
