BRICS Alliance Paves the Way for a New Global Financial Order

The BRICS alliance, consisting of Brazil, Russia, India, China, Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, and South Africa, is making significant strides towards reshaping the global financial order. With a bold plan to reduce dependence on the US dollar and create an alternative financial ecosystem, BRICS nations aim to challenge the dominance of the US and its Western allies. This strategic move has far-reaching implications for the international financial landscape, potentially altering the dynamics of global trade and economics. The alliance’s plan to establish a new global financial paradigm challenges the current ‘rules-based world order’ dominated by the US and the West. Russian President Vladimir Putin emphasizes the need for a ‘fair world order,’ and the upcoming 16th BRICS summit in 2024 is expected to be a pivotal moment in this journey. Sectors likely to be affected include the global financial system, energy and commodity markets, capital markets, consumer goods, production and consumption sectors, technology and fintech, government policies, and the travel and tourism industry. (Source: Cryptopolitan)