The BRICS coalition, dedicated to challenging the dominance of the US dollar and promoting the use of local currencies in global trade, is extending its efforts to the grassroots levels of developing nations. Their move aims to provide hope and support to these nations with the idea of fostering the growth of local currencies. To understand how this shift could impact various sectors in the United States if BRICS abandons the dollar for trade, one can read more here.
BRICS Surpasses the US in Gas Trade to Europe
BRICS 2024 Forum: Delegation Comprises 200 Mayors, Representatives from 21 Countries
Source: Reuters
BRICS is furthering its outreach by inviting representatives from 21 countries, with a significant contingent from local administrative bodies, to participate in the BRICS+ Forum in June 2024. The participants range from mayors and deputy mayors to heads of municipal unions and associations of local authorities from these countries. A focused effort to engage with grassroots level leadership seems to underpin the strategic planning for the 2024 Forum.
To learn more about the relevancy of the US dollar as a global currency, read BRICS: HSBC Predicts How Long US Dollar Will Remain Global Currency.
Scheduled to take place in the Kazan region of Russia, the BRICS+ Forum could witness the largest representations from China, Iran, India, Brazil, and South Africa. South America will be represented through delegations of local unions from Chile and Argentina. Local leaders and unions from Kazakhstan, Uzbekistan, Tajikistan, Belarus, and Azerbaijan are also expected to grace the Forum. This development underscores the growing interest of developing nations in the BRICS alliance as they aim to fortify their domestic economies.
Also, read about Saudi Arabia considering the option of selling oil in multiple currencies here.
According to a press statement, approximately 200 mayors, deputy mayors, heads of municipal unions, and associations of local authorities from 21 countries are expected to participate in the International Municipal BRICS+ Forum at Kazan City Hall on June 21, 2024.
