This is just the beginning of the end of Western dominance. Formerly, these nations that are showing interest in joining BRICS were alliance with the US and its partners. But the recent polices of the US have shown that they need to seek other trading partners. These nations are now seeking alternative financing and want to reduce their dependence on
dollar-denominated transactions, which have been weaponised by the US.
The good part of the de-dollarisation process is that there are now cracks within the Western economic and political bloc. In recent times, we have seen some key Western countries visit China to seek partnerships because of the adverse effects of the US tariffs. I will not be surprised to see the first Western nation join BRICS in the future.
The beginning of the end of Western dominance? Far from it. The USD, despite showing signs of weakness, is still the largest reserve currency in the world. Now the EU is strengthening itself with the Russo-Ukraine war. Countries within the bloc committed themselves to spare up to 5% of the GDP towards defense spending. BRICS may be growing, but it doesn't stand a chance against western powers. China and Russia are the biggest countries within BRICS, yet their currencies are weaker compared to the EUR and USD. They can add as many members as they want. But it's quality that matters. Not quantity.
Who knows? With Donald Trump's unstable trade policies, anything can happen. For what I know, the "de-dollarization" process is slowly taking effect. Only time will tell which country (or group of countries) will take the reigns as the world's leading superpower.