Over the past month, BRICS has seen substantial developments that underscore its growing influence on the global stage, from financial banking system to group expansion. As of August 2024, around 40 to 47 countries from various regions, including Africa, Asia, and South America, have expressed their desire to join BRICS. This interest is fueled largely by the bloc’s potential to challenge the current global economic order, which is heavily dominated by Western institutions like the IMF and World Bank. Many of these nations are seeking to diversify away from reliance on the U.S. dollar, as they perceive this dependency to pose significant risks to their economies, especially considering potential U.S. economic downturns.
In parallel to its membership expansion, BRICS is advancing initiatives to create alternative financial systems. For example, the BRICS New Development Bank has approved 98 infrastructure projects totaling $33 billion since its inception, positioning itself as a credible alternative to Western-dominated financial institutions. Additionally, the group is working towards an intra-bank payment system, aimed at reducing reliance on the dollar in cross-border transactions, which is seen as a key step toward de-dollarization.
In this video, we take you through the latest development of BRICS as of August 2024.
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