The BRICS began as a concept proposed by the chief economist of Goldman Sachs in 2001 and then kicked off in 2006 with the prelude to BRICS cooperation.
In 2011, South Africa joined the ranks of the BRICS, which also used the initials of China, Russia, Brazil, India and the newly joined South Africa to form the BRISC organization, which translates to BRICS in Chinese. Recently, the international community believes that the expansion of the BRICS has become the trend of the times, but what people did not expect is that from the latest news, although more than 30 countries want to join the BRICS organization, the Russian side has announced that it will stop the expansion.
According to a report by the Russian media "Sputnik News Agency", Russian Foreign Minister Sergei Lavrov has publicly stated that the BRICS countries have stopped further expansion in order to integrate the newly joined member states. It is worth noting that, judging from the current news from the international community, more than 30 countries have expressed their desire to join the BRICS.
Previously, many countries, including Egypt, Ethiopia, Iran, and the United Arab Emirates, chose to join the BRICS, which also further expanded the influence of the BRICS organization in the Middle East, Africa, and the Persian Gulf. Many American and Western media believe that if the BRICS countries can absorb more members from Southeast Asia, then their influence will be further expanded.
On June 11, Thailand submitted an application to join the BRICS, and Malaysia's prime minister also expressed his intention to join the BRICS. There is no doubt that as the global economic environment becomes more complex, many countries around the world want to ease the financial pressures they face by joining the BRICS.
In fact, China and Russia have been trying to attract more BRICS members, and Russia has even launched a "BRICS dialogue" with more than a dozen Southeast Asian and Central Asian countries, including Turkey, Laos, Bangladesh, etc.
In fact, as more and more countries want to join the BRICS, many American and Western media have begun to sit still, especially the United States. Judging from the current news, the BRICS countries are discussing the idea of building local currency trade, that is, the local currency of each country will be used as the settlement in the intra-BRICS trade. At the same time, the BRICS countries are also considering the introduction of a new unified currency within the framework for settlement of trade between member states within the organization.
Either way, it's actually accelerating de-dollarization. After all, the U.S. dollar is still the most commonly used international trade currency in the world, and it is also a relatively high part of countries' foreign exchange reserves. Especially in terms of oil, natural gas and other energy trade, the US dollar can be called the most important settlement currency.
If the BRICS adopts local currency settlement or creates a new framework currency, the trade attribute of the US dollar will be further weakened. This has a very negative impact on the influence of the US dollar in the international market under the situation that many countries around the world are accelerating de-dollarization.
However, judging from the current news, there has been an agreement within the BRICS countries to temporarily stop admitting new members. According to Russian Foreign Minister Sergei Lavrov's statement in an interview, the main purpose of this is to integrate the BRICS organization and avoid problems with the system framework due to rapid expansion.
There is no doubt that the influence of the BRICS countries in the international financial markets has begun to expand further. Since one of the prerequisites for joining the BRICS is "not to participate in any illegal sanctions and illegal restrictive measures against BRICS members", this actually means that the vast majority of European and American countries cannot join the BRICS organization.
Today, the BRICS member countries are mainly some developing countries, accounting for a large proportion of the world's emerging markets. At the same time, the increasing degree of cooperation and trade between the BRICS countries is also creating a new huge market independent of the United States and the West.
In this context, the in-depth cooperation between the BRICS countries is actually conducive to the further development of each other's economic level and plays an important role in stabilizing the global economic environment. For China, the markets of BRICS member countries have become one of the main growth points of China's foreign trade development, and together with the countries along the Belt and Road, it has provided an important impetus for the development of China's foreign trade economy.
For Russia, under the comprehensive sanctions imposed by the United States and the West, the close cooperation between the BRICS organizations has further stabilized Russia's economic development and played an important role in promoting Russia's economic recovery. For countries such as the United Arab Emirates, India, South Africa, and Brazil, they are also in the BRICS organization, and the benefits are not small.
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