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For a long time, BRICS meetings were viewed as little more than symbolic gestures — countries would gather and issue bold statements that made headlines, but little progress would follow.
However, interest in the organization has skyrocketed recently. Countries such as Azerbaijan, Turkey, and even Malaysia, Zimbabwe, Thailand, and Sri Lanka have expressed a desire to join the group.
Why is this? Probably because of the potential opportunities that lie ahead. With the addition of Egypt, Ethiopia, Iran, and the UAE, the BRICS now account for 37.3% of global GDP.
Moreover, these countries collectively represent about 45% of the world’s population or, to be more precise, about 3.5 billion people. If they wanted to, they could even change the way we live.
For example, the BRICS could even serve as a platform for domestic currency transactions or create a new financial system. In short, the opportunities, if you think about them, are innumerable.
While the BRICS expansion is promising, it is perhaps too early to say that a new world order is emerging. We will know precisely how soon after this week’s meeting.
Representatives from 30 countries will attend, with 24 represented at the highest level and nine at the second and third levels. Delegates from six major international organizations will also attend.
The reason for all this excitement is that the agenda aims to decentralize the financial system so that no single country can disconnect from another. It’s nothing short of a financial revolution.
As for how this will work, commercial banks will conduct operations through their central banks, eliminating the need for direct relationships with foreign banks, basically an institutional blockchain.
This would allow countries to avoid excessive oversight from Western regulators. It could also undermine the dollar’s dominance, with any changes potentially affecting the U.S. dollar index chart.
However, its success will largely hinge on how well member states manage their internal differences and turn their ambitious agenda into tangible actions, not just words on paper or in the media.
