BRICS and the US Dollar: India’s Stance on Expansion Signals Shift in De-Dollarization Efforts
- India objects to BRICS expansion driven by China and Russia.
- Russia and Iran strengthen ties, moving away from the US dollar.
- ASEAN interest in BRICS could add $3.6 trillion to collective GDP.
India has expressed reservations on the rapid expansion of the BRICS economic bloc, as China and Russia push to include more countries and solidify their geopolitical influence. This internal rift within BRICS highlights the potential challenges of balancing diverse interests and ambitions among its members.
The BRICS alliance, originally composed of Brazil, Russia, India, China, and South Africa, has expanded significantly in the past year. The United Arab Emirates, Egypt, Iran, and Ethiopia have joined the bloc, while Argentina declined the invitation and Saudi Arabia has yet to decide. India’s discontent with the new inductions signals potential challenges for future expansions.
India is particularly displeased with the direction BRICS is taking, with plans to reject new invitations to the 2024 summit. According to sources, India believes that China and Russia are leveraging BRICS to advance their own agendas, potentially using the bloc as a tool to counter Wester…
The post BRICS and the US Dollar: India’s Stance on Expansion Signals Shift in De-Dollarization Efforts appeared first on Coin Edition.
