BRICS 2024: 126 Nations Eyeing US Dollar Exit

GoldFix Newswire

BRICS Gathering Signals Growing Shift Away from US Dollar

(GoldFix Newswire)

Overview:
Around 126 nations are set to attend the BRICS Municipal Conference, showing increasing interest in joining the bloc and moving away from reliance on the US dollar. This growing momentum among developing countries reflects a broader ambition to strengthen local currencies and diminish the dominance of the US dollar in global trade.

Key Developments:

• Conference Details: The VI International Municipal Forum (IMF) will take place in Moscow from August 27 to 28, focusing on 13 key areas such as international municipal cooperation, economy, digital technologies, and energy.

• Wide Participation: Nations from Asia, Africa, South America, and Eastern Europe are among those expressing interest in BRICS, with over 70 business events and exhibitions planned, including "DIGITECH+" and "Mechanical engineering: strategies and technologies."

• Interest in BRICS Membership: While 26 nations have formally applied to join BRICS, 21 others have informally expressed interest. Paul Frimpong, Founder of the Africa-China Centre for Policy Advisory, noted that over 40 countries see BRICS as a pathway to a more equitable global system.

• Implications for the US Dollar: The conference could be pivotal in BRICS’ efforts to expand and promote de-dollarization. With a growing queue of countries eager to join, this event sets the stage for discussions at the upcoming 16th BRICS summit in Kazan, Russia, from October 22 to 24, 2024. Key topics will include the future of the US dollar, a potential new BRICS currency, and further expansion plans.

Conclusion:
The BRICS Municipal Conference represents a significant step in the bloc's mission to reduce dependency on the US dollar and expand its influence. The increasing interest from nations worldwide highlights the potential for a shift in the global economic landscape, with BRICS positioned as a central player in this evolving dynamic.