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We need to adjust our economic structure, achieve development of better quality, build closer economic partnership, boost the building of an open world economy and establish a global development partnership
Friday, May 3, 2024
BRICS and De-Dollarization Efforts – Analysis
The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, has issued a call for Middle Eastern nations to cease using the US dollar for oil payments and instead utilize local currencies
In recent years, the rightful rejection of the policies promoted by the traditional imperialist powers (North America, Western Europe and Japan), followed by the announcements made by the BRICS (Brazil, Russia, India, China and South Africa), have aroused great interest and expectations of major changes, including the creation of a common currency to challenge the US dollar as the dominant currency
Nornickel, struggling to import equipment to sanctions-hit Russia, will close its Arctic copper plant and build one in China with an unnamed partner to gain direct access to the world's biggest metals market
Algeria is close to joining the New Development Bank, known as the “BRICS Bank”, as the process will be completed according to the agreed-upon timetable, and this bank can contribute to financing development, and strategic and structural projects for the Algerian economy
In the global geopolitical landscape, BRICS and G8 stand out as influential entities, born with different foundations, objectives and internal dynamics. Understanding these differences and potential future trajectories requires a deep dive into their peculiarities, their strengths and the challenges they face
In an international world order whose multipolarity has been systematically undermined by the rise of Western-led unilateralism, developing states have been held hostage by their wealthier counterparts
There is increasing interest from European countries in BRICS, with speculation about their attendance at the summit in Russia