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- More than 34 countries are interested in participating in BRICS activities.
- A joint payment mechanism is under discussion to streamline trade among BRICS countries and reduce dependence on the US dollar.
- The BRICS Bridge, a supranational payments platform, aims to challenge the dominance of the US dollar and provide alternatives for commercial payments.
Interest in joining the BRICS bloc is growing as discussions on dedollarization gain momentum. Russian President Vladimir Putin stated that more than 34 countries are currently showing interest in participating in BRICS activities. He stressed that Russia, as the current chair, is committed to the smooth integration of new member states into the existing BRICS framework.
Discussions on the joint payment mechanism are a major focus of the upcoming summits. This initiative aims to streamline trade and economic exchanges among BRICS countries while reducing dependence on the US dollar. Victoria Panova, head of the Russian Expert Council overseeing the BRICS Presidency, stressed the importance of this issue for all member states.
BRICS Expansion and Global Influence
Progress has been made in developing the BRICS Bridge, a supranational payment platform that uses the national currencies of member states. This system is poised to challenge the dominance of the US dollar and provide alternatives for trade payments, which is particularly beneficial for developing countries. Experts predict that the BRICS Bridge, if successfully implemented, could have a major global impact and disrupt the current financial system.
The BRICS expansion aims to shift the balance of power between the G7 and emerging economies. Equip’s editorial notes that while the G7 currently controls a larger share of global GDP, the BRICS are experiencing faster economic growth. The addition of oil-producing countries such as Saudi Arabia, the United Arab Emirates and Iran further enhances BRICS’ influence in global energy markets.
The geopolitical landscape has shifted.
Growing presence The BRICS group is changing the geopolitical landscape. The Catalan website 11On points out that the demand for reforms within existing multilateral institutions, currently dominated by Western interests, is growing as the global distribution of power shifts towards a more balanced system.
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