November 27, 2023
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January 5, 2024
BRICS is actively working to reduce dependence on the U.S. dollar in global trade, emphasizing the use of their native currencies.
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BRICS is set to expand further in 2024, with the induction of 16 new countries. This expansion highlights the growing influence and appeal of BRICS as an economic bloc.
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In January 2024, BRICS welcomed five new countries—Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. This move reflects the increasing diversity and geopolitical significance of BRICS.
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Beyond the recent additions, more countries have expressed interest in joining BRICS and supporting its de-dollarization initiative. The fact that additional nations are submitting applications underscores the attractiveness of BRICS membership.
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The shift away from the U.S. dollar by BRICS and potential new members could have significant implications for the global economy, reshaping trade dynamics and challenging the traditional dominance of the U.S. currency.
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The inclusion of countries like Saudi Arabia, the United Arab Emirates, and Iran signals a potential geopolitical realignment, as BRICS broadens its membership to include nations with diverse political and economic interests.
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The timeline for these developments is set for 2024, indicating that the shift in global economic dynamics and the expansion of BRICS are expected to occur in the near future. This suggests a rapid pace of change in the international economic landscape.