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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 ...