Something that started as a funny acronym 23 years ago, has become a real threat to the existing world order. The BRICs summit in Russia has gathered a group of country leaders that represent a third of world’s GDP and almost half of the world’s population. As you can see in the chart below, it is no longer Brazil, Russia, China, India and South Africa. Ethiopia, UAE, Iran and Egypt have joined the group and Turkey and Saudi Arabia are entertaining the idea of joining, bearing the risk of breaking ties with the U.S. and the western block. What are the important points to be discussed on the summit? (1) Expansion of Membership: 32 countries are attending this year’s summit, including applicant members Turkey and Saudi Arabia. (2) De-dollarization: attendees are actively working to reduce reliance on the US dollar, increasing the use of cross-border payment agreements that bypass the
dollar. (3) Alternative Payment Systems: Development of digital payment methods,
including central bank digital currencies (CBDCs) and BRICS Pay. (4) Gold Accumulation: Central banks are purchasing gold to hedge against currency devaluations. If the Saudis formally join the BRICs block, more than half of the oil production in the world will be controlled by this group. It might get serious pretty soon.
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