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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
Wednesday, May 8, 2024
De-Dollarization and BRICS’ Ascendancy
The US dollar is facing challenges that demand attention. As nations in the Global South grapple with the risks inherent in relying on a currency subject to the whims of a single nation, the allure of alternatives grows
On January 1, 2024, Egypt and four other countries from the Global South became members of BRICS. Egypt had previously joined the BRICS New Development Bank (NDB) in December 2021 with a contribution of $1.2 billion. This represents an important turning point in Egyptian policy. Since the 1970s, Egypt has submitted to the Western economy, which is dominated by the United States. Egypt’s membership in BRICS confirms the popularity and support for BRICS among the Global South, which groans from the greed and exploitation of the West. The developing countries seek balanced, win-win partnerships and true opportunities for development. The Egyptian step indicates its desire to pursue an alternative path. I is poised to enhance African and Arab support for BRICS measures to achieve a new multipolar economic order
Precious metals, especially gold, are experiencing a significant rally led by the BRICS countries. The bloc aims to use gold to back its future currency as an alternative to the US dollar
RN-Vankor, a subsidiary of Rosneft -- a major Russian oil and gas company -- recently organised a unique EcoArctic forum in the Krasnoyarsk region in the north of Russia
The “unfair” Western agenda is a barrier to the continent’s development, business professionals have told
BRICS group of emerging economies strive to shift some of oil trade to other currencies
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