Kelvin Testimony Amachree
The BRICS alliance comprising Brazil, Russia, India, China, and South Africa is intensifying efforts to challenge the dominance of the US dollar in global trade. By encouraging the use of local currencies and reducing reliance on the US dollar, BRICS aims to strengthen economic ties with grassroots communities in developing nations.
This strategic shift could have far-reaching implications for the US economy across various sectors such as finance, international trade, energy, tourism, export industries, agriculture, manufacturing, technology, and more. A potential decline in the value of the dollar could result in increased import costs, inflation, and diminished purchasing power for American consumers. Moreover, reduced global demand for the dollar might diminish its appeal as a reserve currency.
BRICS’ endeavors to advance de-dollarization and advocate for local currencies might pave the way for a more diverse global economic landscape. Nonetheless, this development also presents significant challenges and uncertainties for the US economic outlook. As global economic dynamics evolve, the effectiveness of BRICS in challenging the dollar’s supremacy remains to be seen.
BRICS 2024 Forum: Diverse Delegation from 21 Countries, 200 Mayors to Attend
The BRICS alliance is broadening its scope by welcoming 21 countries to participate in the BRICS+ Forum in June 2024. This initiative aims to foster grassroots engagement and promote the use of local currencies in international trade. Scheduled for June 21, 2024, in Kazan, Russia, the forum will convene a diverse group of mayors, deputy mayors, and leaders of municipal unions and local authorities’ associations.
Predominant delegations from China, Iran, India, Brazil, and South Africa, along with representatives from Chile and Argentina representing South America, will be in attendance. Additionally, local unions and officials from Kazakhstan, Uzbekistan, Tajikistan, Belarus, and Azerbaijan will also partake in the forum. This significant gathering underscores the growing interest in the BRICS alliance among developing nations seeking to fortify their economies.
The BRICS+ Forum serves as a platform for local leaders to exchange insights, address challenges, and explore avenues for collaboration. Through engagement with grassroots communities, BRICS aims to foster economic growth and diminish reliance on the US dollar in global commerce. With the forum on the horizon, it is evident that the BRICS alliance is gaining traction as an appealing bloc for developing countries seeking prosperity.