OVER! 19 Nations join BRICS to De-dollarize, BRICS GDP already EXCEEDS G7 丨AsianQuicktake

 

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The BRICS (BRICS) economic grouping of five countries - China, Brazil, Russia, India and South Africa - will hold its annual meeting in Cape Town, South Africa, in early June this year. And it is reported that the organization will discuss whether it will expand the number of member countries at this meeting. South African representative Anil Sooklal previously revealed that BRICS will discuss whether and how to expand. There are currently 13 countries that have formally asked to join BRICS and another six that have informally asked to join. According to him, applications to join are received almost daily. It is unclear which countries are involved in the application, but Sooklal noted in February that Saudi Arabia and Iran are two of the countries that have formally applied. In addition, Egypt announced in March that it had applied to join the BRICS New Development Bank (NDB), explaining that the country's parliament wanted to reduce its need for the U.S. dollar. And taken together, reducing the need for the dollar may be an important reason for other countries to want to apply to join BRICS. In March, Alexander Babakov, deputy chairman of the Russian State Duma, said that Russia was spearheading the development of a new currency that would be used for cross-border trade among BRICS countries. A few weeks later, during Brazilian President Lula's visit to China, Brazil also signaled its de-dollarization. On April 11, Indian researcher Abhyuday Saraswat noted in the Indian Defense Review that many countries were shocked when the United States and its allies quickly revoked Russia's access to the financial information system SWIFT in the wake of the Russia-Ukraine conflict. This also accelerated the process of de-dollarization in many countries. He also said that efforts to create new currencies among BRICS members could pave the way for a new post-dollar global order. These statements and moves make the de-dollarization efforts of BRICS countries, stand out. And the fact that the BRICS countries have surpassed the United States in terms of GDP size and exceeded the combined total of the Group of Seven (G7) countries represents a very significant effort to de-dollarize the BRICS countries in a global perspective.