BRICS . . . the updates
September 7, 2024
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category: Business
Let's chat about the BRICS expansion - it's been quite interesting lately.
BRICS was all set to welcome six new members on January 1, 2024. However, Argentina's new president, Javier Milei, decided to pass on the invitation. So now we're looking at five new members instead of six.
Even with Argentina bowing out, this expansion is still a big deal. We've got some heavy hitters joining the club - Saudi Arabia and the UAE are bringing their oil wealth to the table, which could really shake things up in the energy markets. And let's not forget about Egypt and Ethiopia representing Africa - that's going to add some interesting perspectives to the mix.
It seems like BRICS is trying to reshuffle the global power deck. They're aiming to create a bit of a counterweight to the usual Western-dominated institutions. It's not like they're going to flip the world economy on its head overnight, but they're definitely making some waves.
One thing they're looking at, is trading in currencies other than the US dollar. It's like they're saying, "Hey, let's mix it up a bit!" This could be a game-changer for international trade down the line.
The group's also big on this idea of a "multipolar world" - basically, they want more voices at the table, especially from developing countries. South African President Cyril Ramaphosa's been talking this up, pointing out how BRICS now represents a huge chunk of the world's economy and population.
It's not all smooth sailing though. You've got countries like Iran and Russia in the mix, which might ruffle some feathers in the West. And then there's the challenge of keeping everyone happy within BRICS itself.
For example, how do they balance the needs of smaller members like Ethiopia with powerhouses like China?
So, while this expansion is definitely a milestone, we'll have to wait and see how BRICS uses its new muscle.
Will they shake up global trade? Challenge the dollar's dominance? It's going to be interesting to watch, that's for sure!
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