What is the agenda of the BRICS leaders’ meeting?
Posted by:- Udit Narayan
Compared with an influential group like the G7, the BRICS may not have a very long history, but at this summit, such a major decision was implemented, which may have a significant impact on the future. One of them is the BRICS currency. The BRICS countries want to create a reserve currency that can compete with the dominance of the US dollar. At the BRICS Summit held in Kazan, Russia, from October 22 to 24, member states can discuss the introduction of gold to support the BRICS currencies.
Amid the trade war between the United States and China and the U.S. sanctions on China and Russia, if the BRICS countries agree to this new currency, it can also enhance the economic strength of these member countries while challenging the international financial system. Currently, the US dollar dominates the international financial system. Nearly 90% of global trade is conducted in U.S. dollars. Meanwhile, so far, 100% of oil trades have been conducted exclusively in U.S. dollars, but last year it was reported that some oil trades also began to be conducted in non-U.S. dollars.
