BRICS Just Announced The Latest Game Plan For 2024, The World Is Not Ready!
BRICS Just Announced The Latest Game Plan For 2024, The World Is Not Ready!
Tech Revolution: 1-11-2024
Fast forward to August 23, 2023, and whoa – the 15th BRICS Summit just dropped a major bombshell. Guess what? Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE are joining the party.
Why, you ask? Well, it's all about strengthening financial cooperation among the BRICS crew. They're not just looking for a casual chat; they're eager to boost dialogue about payments and grease the wheels of trade and investments.
And guess what? It's not just among themselves but also with other developing nations. Now, let's dig into what BRICS just spilled and why this is a game-changer, especially for this year.
First things first, let's break down BRICS. It stands for Brazil, Russia, India, China, and South Africa. Looking ahead, with Russia hosting in 2024 and Brazil in 2025, experts are crossing their fingers for some serious teamwork.
Rumor has it, at the next summit in Russia, we might witness the birth of a common BRICS currency.
Exciting times, right? But let's rewind a bit. It's been a good 22 years since the term BRIC was coined, focusing on Brazil, Russia, India, and China. BRICS has grown since then and now boasts 11 nations, holding a whopping 44% of the global economy – from 44% of oil production to 36% of gas production.
But here's the catch – their role in the global financial system is still on the smaller side. The U.S. and its buddies still hold the reins. The Anticipation Building Up Now, let's talk anticipation.
In the foreign exchange market, where world currencies flex their muscles, the U.S. dollar is the heavyweight champ, making up 88% of the action. BRICS currencies? Just 9%. And in the credit market, it's not much to write home about. Payment systems? Most global trade settles in G7 currencies, not the BRICS gang.
The SWIFT system rules the roost, and the RMB, despite being a big player, is still playing second fiddle. So, what's the deal? BRICS wants a slice of the global financial pie that matches their real-world contributions.
They're eyeing their own multilateral settlement system, waving goodbye to the Western-dominated infrastructure. Bold move, right? If they pull it off, it could shake up the whole financial game.
The Game-Changing Announcement Fasten your seatbelts because here comes the game-changer. BRICS nations are making a splash in the financial world. They've been eyeing the SWIFT payment system, dominated by the West, and thinking, "Why not have our own thing?" Enter BRICS Pay – their very own payment system.
Here's the intriguing part. People are wondering if BRICS Pay is paving the road for something even bigger – a whole new currency for BRICS in 2024. Why? These countries want to reduce their reliance on the US dollar, and they're making serious moves to make it happen.
This year has been all about the BRICS nations teaming up against the Western giants, doing some serious economic teamwork. But, you know, taking down the global dominance of the US dollar is no small feat. Almost half of the world's payments still rock the greenback.
But with BRICS Pay in the picture, things might just be shifting. Talks are buzzing about how BRICS Pay could be a game-changer towards de-dollarization. Imagine it replacing SWIFT – that's a bold move, right?
The idea of a full-fledged BRICS currency by 2024 might sound a bit out there, but it's not impossible. BRICS Pay is just the beginning. Create a super smooth payment system for cross-border deals, and then, who knows, introduce a brand new currency.
New Entrants in 2024 Now, onto the newbies set to join BRICS in 2024. Iran takes the top spot, probably due to its close ties to Russia. The Kingdom of Saudi Arabia is also in, along with the Federal Republic of Ethiopia, Egypt, and not forgetting the United Arab Emirates. Iran officially joins the BRICS alliance starting January 1, 2024.
But what does this mean for Iran? First things first, it's like a shield against those pesky imposed sanctions on Iran. It's a power move that's going to make it tougher for those sanctions to mess with Iran's economy. Plus, joining the BRICS gang is like giving Iran a serious boost in the political and soft power department. It's like saying, "Hey world, we're players on the global stage!"
Now, picture this – deeper connections between Beijing, Moscow, and Tehran. These three powerhouses are basically the architects of a new world order. With Iran officially in the mix, you can expect some serious collaboration and teamwork.
But it's not just about those three buddies. This BRICS membership is like a golden ticket for Iran to expand its friendships around the globe.
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