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The BRICS summit ended on a positive note in August, as the alliance took a historic step to induct six new countries into the bloc. Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia are now part of the BRICS group. The alliance turned into an 11-member country, and the development has ruffled a lot of feathers in the Western world. The US, Germany, and the European Union are closely watching the BRICS expansion as it threatens the traditional financial order. Also Read: BRICS : Bank of America Predicts Future of the US Economy BRICS is advancing at a rapid pace in its de-dollarization efforts by cutting ties with the US dollar. The new members have begun settling trade in local currencies by ending dependency on the dollar. India, China, Russia, and the UAE have started using their respective local currencies, reducing their reliance on the greenback. BRICS Expansion: US, Germany & the European Union React Source: csis.org / Martin Bertrand / Adobe Stock West...

The global economic consortium, BRICS , is reportedly mulling over introducing a new global payment system . This system could bypass the universally recognized banking protocol, SWIFT. According to TASS, a Russian state-funded media outlet, the finance ministers of the BRICS nations are currently assessing the viability of this unified payment network. Significantly, a formal discussion on its implications and potential is slated for next year’s upcoming BRICS summit. Russian Finance Minister Anton Siluanov emphasized the initiative’s intent. He stated, “We aim to incorporate our financial messaging platform, the SPFS. Moreover, our Chinese peers have established their own. Additionally, other BRICS nations either possess their systems or are in the development phase.” Hence, he reiterated that this topic will be a focal point of discussion among the financial authorities of BRICS member countries. This groundbreaking revelation follows the recent expansion of BRICS, i...

The majority of BRICS members export crude oil around the world, including the U.S., Europe, and other Western allies. Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and the now-sanctioned Russia export millions of barrels of oil each year. Crude oil is currently priced at $90 per barrel, and leading investment bank JP Morgan predicted that the commodity will rise another 67% in the next three years. Also Read: BRICS Countries Dump $123 Billion in U.S. Treasuries in 2023 BRICS: Crude Oil To Reach $150 Per Barrel, According to JP Morgan Source: AFP / RODGER / BOSCH / atalayar.com Christyan Malek, JP Morgan ’s lead for EMEA energy equity research published a report citing that “energy super cycle” will lead to crude oil prices to soar to $150 per barrel. According to the report, crude oil could reach $150 per barrel in the next three years in 2026. The growing energy supercycle could be the sole driving force for the price surge, wrote Malek in the report. ...

BRICS expanded from a 5-member group to an 11-member alliance during the 15th summit in Johannesburg in August. The bloc is now more economically powerful in GDP, oil exports, and commodities, among others, challenging the Western financial sector. While things seem to be going well for BRICS on paper, the reality is starkly different. The group has faced criticism of various kinds for not achieving the things that it sets out to do. In this article, we will highlight the top 3 sharpest criticisms that BRICS face in international markets. Also Read: 2 BRICS Countries To Be Ahead of U.S. GDP in 2075 3 Biggest Criticisms That BRICS Face Source: news.bitcoin.com Talk Shop: BRICS has been accused of being a group of ‘all talk and no show’ for nearly a decade. Leaders meet at the summit and decide the point of action never to follow it up until the next summit. Developing countries have leaders who talk big but provide little action on the ground. The same ideology is a ...

BRICS foreign ministers held a two-day conference in Cape Town, South Africa last week. The foreign ministers from Brazil, Russia, India, China, and South Africa expressed the desire to admit new members into the alliance. The summit was also attended by Saudi Arabia ’s minister Prince Faisal bin Farhan who discussed “rebalancing” the global financial order. Prince Faisal held bilateral talks with members raising ideas to end reliance on the U.S. dollar and Western-dominated financial institutions. Also Read: Europe Might Get Ready To Accept BRICS Currency BRICS Could Add Saudi Arabia, UAE, & Other Developing Nations Into the Bloc Source: Pavel Golovkin / Reuters Iran’s foreign minister Hossein Amir-Abdollahian was also present at the conference despite not formally being a member of the alliance. Prince Faisal held talks with Hossein examining steps to implement agreements between Iran, Saudi Arabia, and the BRICS bloc. Also Read: Saudi Arabia To Challenge U.S. ...

If BRICS currency captures the Latin American markets, the U.S. dollar could be on a path of decline. Mexico and 18 other countries have expressed their interest to join the BRICS alliance and accept the new currency, reported Bloomberg. BRICS could soon expand to BRICS + if the group of five nations decides to allow new countries into the bloc. Also Read: What Happens if Saudi Arabia Accepts BRICS Currency? The move will make BRICS stronger and challenge the G7 Western nations in GDP and purchasing power parity (PPP). Mexico’s inclusion in BRICS could disrupt the traditional global financial markets making way for the new world order. If Mexico accepts the BRICS currency for cross-border transactions as part of BRICS+, it could open up avenues for the new currency to reach other Latin American markets. The U.S. dollar could be the hardest hit if the development takes place this year. What Happens If Mexico Accepts BRICS Currency? Source: bergerpaints.com Mexico’s ...