You are right. This will definitely not be easy to achieve. Dollar dominance will be hard to defeat if the member countries are not economically strong enough to push their agenda. One major challenge BRICS is going to face is the economic and political strength of its member countries. The economic and political strength of these member countries will determine its global acceptance and long-term adoption. If these member countries are weak, it will be difficult for them to align with the policies made and form a unified force, and this does not encourage transparency. The dollar already has a strong force backing it up; BRICS has a lot to do.
It is not easy for countries that join BRICS to achieve financial strength if they do not have the resources. The dollar dominates many sectors and perhaps their role is still quite large for now so overcoming their dominance is not something that is easy to achieve. Most countries intend to get out of the dollar’s grip but the question is whether they are able to do so because on the other hand dependence on the dollar is still very large for some countries today.
Economic strength will determine the level of success of countries that join BRICS and we can see how strong the economy is for some of the countries that join them. Moreover, if political relations are closely related to this process, the impact will certainly be much greater on the BRICS journey itself.
But what is clear is that many countries want to get rid of the hegemony of the US dollar, the way to suppress supply is to suppress demand. Indeed, it is currently very strong, you even say it is difficult to drop the dollar, especially with BRISC, but believe me, dominance in this world is always changing, I believe that. Although it takes time, it will happen one day.
And now the UAE has officially stopped using the dollar for oil trading, slowly but surely the dollar is starting to be removed as a global trading tool. China also allows small countries in the world to trade with their national currencies, unlike the US which only accepts dollars.
The current global financial landscape, if witnessed, has also undergone major changes, for example when the UAE boldly switched from the US dollar in its oil trading business. This strategic shift is in line with the broader ambitions of the BRICS economic alliance, of which the UAE is a member. This transition, including the switch to local currencies for oil transactions, marks a significant change from the long-standing dominance of the dollar in the global oil market. This is just one example, maybe in the future there will be other aspects.