Kelvin Testimony Amachree
The BRICS alliance is actively advancing its de-dollarization agenda with a firm resolve to sustain this progress in 2024. During the Russia-Islamic World: KazanForum 2024 in Kazan, Iranian Deputy Foreign Minister Ali Bagheri Kani reiterated the alliance’s determination towards this objective.
Bagheri Kani highlighted the significance of establishing the necessary infrastructure to facilitate a transition away from the US dollar. This initiative involves setting up alternative payment systems, conducting trade settlements in local currencies, and implementing other strategies to decrease reliance on the greenback. The goal for the BRICS nations is to enhance economic autonomy and mitigate the impact of US sanctions.
Advancements in de-dollarization by the alliance could potentially lead to a more diversified global economy. This shift can create new avenues for trade and investments among BRICS nations and other countries seeking to broaden their economic collaborations. With the BRICS alliance taking the lead, a significant transformation in the global economic landscape may be imminent.
BRICS Progressing De-Dollarization Efforts in 2024
The BRICS economic coalition has been instrumental in driving a substantial global move away from the US dollar. Over the past year, the alliance has actively promoted local currencies and increased gold reserves to reduce reliance on the greenback. These endeavors have yielded considerable success, with reports indicating that Russia and China now only utilize the US dollar in 10% of their transactions.
Iran, a recent entrant to the BRICS alliance, has been diligently working on developing infrastructure to support this transition. Iranian authorities have expressed their commitment to forsaking the US dollar and encouraging the use of local currencies. This step marks a significant stride towards economic sovereignty and decreasing vulnerability to US sanctions.
The expected inclusion of 5-6 new member countries in the upcoming 2024 summit is set to broaden the scope of de-dollarization within the BRICS alliance. This expansion is likely to significantly reduce global dependence on the US dollar, fostering economic diversification and autonomy among member nations. With more countries engaging in testing and integrating the alliance’s native currency development on a global scale, the benefits are anticipated to be substantial.
As the global economic landscape continues to transform, the BRICS alliance stands poised to play a pivotal role in shaping the future. By steadfastly pursuing de-dollarization and advocating for local currencies, the alliance is steering towards a more multipolar world economy. This transition holds the potential to mitigate the impact of US sanctions and enhance economic collaboration among member states.
The resilient efforts of the BRICS alliance have already yielded notable achievements, prompting numerous countries to actively seek reduced reliance on the US dollar. With ongoing expansion and promotion of native currencies, it is conceivable that a substantial evolution of the global economic landscape is on the horizon. Anchored in economic sovereignty and diversification, the BRICS alliance is fostering a more inclusive and sustainable global economy.