US, Germany & the European Union React to BRICS Expansion
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...