NFT News by Thebittimes.Com

The recent BRICS expansion in August saw the bloc moving from the traditional 5-member group to a new 11-nation alliance. BRICS inducted six new countries: Saudi Arabia, the UAE, Argentina, Egypt, Iran and Ethiopia, strengthening the bloc further. All 11 countries are looking to end dependency on the U.S. dollar and promote their local currencies instead. This puts pressure on the U.S. dollar as the currency might not find new means to fund its deficit. Also Read: BRICS: Former Treasury Secretary Predicts Future of the US Dollar Now that the first round of BRICS expansion is complete, South Africa n President Cyril Ramaphosa made a huge announcement on the second round of expansion. Ramaphosa hinted that many more countries could join BRICS and challenge the U.S. dollar in global trade. BRICS: South African President Makes Huge Announcement on Second Round of Expansion Source: AFP Ramaphosa shed light that BRICS is reviewing formal applications sent by the other countrie...

The BRICS summit ended on a positive note as the alliance inducted six new countries into the bloc. The six countries that will join BRICS are Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia. However, the US, Europe, and other Western allies are closely watching the BRICS expansion and their agenda of de-dollarization. The US, Germany , and the European Union reacted to the recent BRICS expansion and their de-dollarization efforts. Also Read: After BRICS, G20 Summit in the Spotlight BRICS Expansion: The US, Germany & European Union React Source: ft.com The US White House Press Secretary, Karine Jean-Pierre, said that America will not stop other countries from choosing partners to trade with. She emphasized that the US is focused on trading with all countries and won’t interfere in their internal affairs. Also Read: BRICS Discussing to Launch a New Settlement Currency for Global Trade “US policy does not ask our partners to choose between the...