The bloc, comprising of Brazil, China, Russia, India and South Africa and six other countries, is set to build on its $5 trillion in exports to severely threaten the US dollar in 2024, reported Watcher Guru on Saturday, a website introducing itself as a leading source for cryptocurrency.
It said that BRICS has already fulfilled its commitment to contribute to efforts for reforming the global economy, as it spent year 2023 for “embracing de-dollarization on a scale not seen before”.
Last year, according to Watcher Guru, China was the first export nation in the world, followed by the United States, which means that the US is still a dominant exporter at the global level. However, the unilateral trade activity available to China is expected to increase this year as the bloc is set to expand after accepting new members, the website said.
The expansion involves six new members, namely the UAE, Saudi Arabia, Iran, Egypt, Argentina and Ethiopia joining BRICS.
All these countries have already shown an interest in increasing cooperation including on principles set by BRICS leaders at their latest summit in late 2023 when they announced commitment to promote use of local currencies as a way to ditch the US dollar.
The BRICS leaders set that commitment in the wake of Western-imposed sanctions which they see as a tool used by the West to punish other countries for political purposes.
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