In a bid to contest the US dollar supremacy and to foster local currencies in global trade, the BRICS alliance is extending its influence to the grassroots level of developing nations. The bloc’s concerted effort aims to promote de-dollarization in 2024, putting increased pressure on the potency of the US dollar in global trade and offering a glimmer of hope to developing economies that local currencies can flourish. Visit this source to garner more insights into the potential impact on various US sectors if BRICS were to renounce the dollar for trade.
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In 2024, the BRICS Forum will welcome an extensive delegation including 200 Mayors from 21 different countries. This delegation will include diverse local-level leaders, such as deputy mayors, heads of municipal unions, and authorities of local associations from these countries.
Source: Reuters
The BRICS bloc has extended an invitation to 21 countries to participate in the BRICS+ Forum, scheduled for June 2024. The initiative aims to garner widespread local political participation, enabling grassroots level involvement in the forum.
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The BRICS+ Forum will take place in Kazan, Russia, on June 21, 2024. The majority of the local leaders in attendance are expected to hail from China, Iran, India, Brazil, and South Africa. South America will also be represented by a delegation from Chile and Argentina. Other participating countries include Kazakhstan, Uzbekistan, Tajikistan, Belarus, and Azerbaijan. This broad participation symbolizes the perceived value developing countries place on the BRICS alliance as a tool to stimulate their local economies.
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A press statement released regarding the forum notes, “About 200 mayors, deputy mayors, heads of municipal unions, and associations of local authorities from 21 countries will come to Kazan to participate in the International Municipal BRICS+ Forum. The forum will be held on June 21, 2024, at Kazan City Hall.” Read the full press statement here.
