The annual BRICS summit was held in Kazan, Russia, from October 22 to 24. This geopolitical bloc was launched in 2009 with the aim of enhancing economic stability and infrastructure among its member countries. The bloc now represents around 46 per cent of the world’s population and 28 per cent of the global economy. The bloc was created partly to counterbalance the Western bloc. During this summit, BRICS announced a plan to establish an alternative to the US dollar, proposing the Cross-Border Payment Initiative (BCBPI).
The US dollar has dominated global markets for over 80 years, often serving as a tool for influencing developing nations through foreign and military aid. However, the rise of BRICS, ongoing conflicts in the Middle East, and the US' ironclad support for Israel have reduced the dominance of the US dollar. The BRICS countries have also established the New Development Bank as an alternative to the IMF and the World Bank.
Manzoor Ahmed
Kashmore
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