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.
The move to create an alternative to SWIFT might be slow but it's gradually gaining momentum. BRICS Pay is a payment platform used by member nations for financial transactions without using SWIFT. Since 2023 Brazil and China have eliminated the use of dollars for trade. Rather, trade deals are settled with local currencies. China and India also have agreements to adopt local currencies in their trade deals. Other countries are also adopting the same strategy to bypass the Western-controlled payment system.