BRICS Nations to Expand, Welcoming Six New Members in 2024 to Challenge G7's Global Influence and US Dollar Dominance

2023/08/28 18:31

The BRICS nations, made up of Brazil, Russia, India, China, and South Africa, have announced their intention to expand by welcoming six new members on January 1, 2024. The new members include Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and the United Arab Emirates. This move will increase the group's share of global GDP to 36% and cover almost half of the world's population, positioning them as a counterbalance to the G7's global influence. The BRICS are challenging the dominance of the US and other Western countries and pushing for trade to be conducted in local currencies instead of the US dollar, which could lead to significant changes in the currency landscape.
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