This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.
Apparently BRICS now represents roughly half the population and GDP of the entire world
Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.Apparently BRICS now represents roughly half the population and GDP of the entire world
Although BRICS has been around for a while, in the early stages their goal was to develop and boost each other's economies together. But over time, they gradually realized that the world's dependence on the USD had inadvertently given the US supreme power and they were using it indiscriminately. They abuse them for their own benefit, not for the common good of the world as they said before.
The idea of de-dollarization also started there, and BRICS seeks to reduce dependence on USD, otherwise things will soon get worse as the US increasingly abuses its power. Therefore, they have experienced some delays in implementing new monetary systems as well as in choosing a new currency to replace the USD. Not to mention, the pressure from the post-Covid global uncertainty combined with US resistance makes some delays understandable.