BRICS has become eleven countries instead of five.

[Synchronice]

Today, at the start of the closing day of the BRICS meeting, the President of South Africa announced an important decision regarding the BRICS acceptance of the invitation of six countries to become new members of the BRICS group. These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina.

It's a resume of a guy who applies as a senior software developer but finished bootcamp two days ago.
The list is phenomenal, economic powerhouses with the highest quality of life. C'mon, what's the point? By the way, I'm really shocked why do United Arab Emirates and Saudi Arabia want to join their alliance? They are getting all the money from the USA, all those apartments and luxuries were architected, designed, built, made by Europeans and Americans, do they think it's better future for them to join BRICS?

BRICS is just getting stronger especially with the participation of UAE and Saudi Arabia. This will surely going to give the alarm call to the USA and its alliances.

That's why people from BRISC countries are asking for Asylum in EU.

This is not looking good, if more and more countries are joining BRICS, then in the end it will be US+EU vs BRICS which is world war 3.

Why doesn't it look good? Or bad? If they are uniting for world war 3 to kill themselves and everyone else, then what's the point? Are they uniting to become kamikazes together? US + EU will always be the strongest with the best economy and best standard of living. If BRICS manages to achieve that, then it will be amazing, we should aim to have a peaceful and beautiful life, we shouldn't destroy each other for achieving something good but I'm afraid in BRICS countries majority of people will suffer while only some may see increased profit.

[1714705863]

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[tread93]

This main currency there have been reports that Russia is trying to come up with their own gold backed currency. I wonder if they will go back to backing on gold if it will be helpful and successful. USD was basically pegged to the dollar before and now the Saudis have followed suit with BRICs due to start in 1 day so I wonder if they would play a crucial role in pegging the main currency to oil or gold or a combination of both?

[pooya87]

Although in my eyes BRIC is a poor people's club.

LOL majority of resources are now in the hands of BRICS countries. In energy alone, now 80% belongs to BRICS countries, if you think that's "poor people's club" then review the 70's and how the crazy Arabs sanctioned the West and burnt Europe's economy to the ground.

In reality BRICS ist not about de-dollarization but about avoiding being sanctioned.

That's the same exact thing! How do you think US sanctions other countries, with sticks and stones?

In the Old World Order where countries used to use US dollar for all their trades, when US wanted to sanction a country they simply stole all their dollars by blocking them in the SWIFT system and in their banks. In the New World Order where dollar is used less and less every day, US has decreasing capability to sanction others and is only isolating itself.

[DrBeer]

USA is the only country which can print unlimited amounts of its own money, the rest of the west can't do that because the dollar is the global reserve, backed by the US government.

That makes you end up in a position where we can't even solve our own citizens' problems, but we somehow have the enthusiasm to meddle with other peoples'.

India, probably the only country in the BRICS with a really good economy, a position on the world stage, and a well-thought-out policy, and a pragmatic and logical approach, openly declares:
"The key BRICS member acknowledges that the dollar will remain dominant despite oil deals in rupees and yuan.
The US dollar's dominance is not under any real threat from emerging market currencies, India's oil and gas minister told CNBC, despite recent efforts to dedollarize global trade.
The dollar is the dominant form of payment for goods such as oil. But in June, Indian refineries used Chinese yuan to buy Russian oil. And earlier this month, an Indian refinery used Rs to buy oil from the UAE.
When asked about the role of the dollar in the oil market, Hardeep Singh Puri replied that replacing it "is not so easy." When asked if the dollar's prominence would continue, he replied, "Yes, I think it will."
His comments came after the BRICS emerging-country bloc held its 15th annual summit last week to discuss de-dollarization ideas."

https://markets.businessinsider.com/news/currencies/brics-india-dollar-dominance-dedollarization-rupee-yuan-deals-alternative-currencies-2023-8

[coupable]

Today, at the start of the closing day of the BRICS meeting, the President of South Africa announced an important decision regarding the BRICS acceptance of the invitation of six countries to become new members of the BRICS group. These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina.

It's a resume of a guy who applies as a senior software developer but finished bootcamp two days ago.
The list is phenomenal, economic powerhouses with the highest quality of life. C'mon, what's the point? By the way, I'm really shocked why do United Arab Emirates and Saudi Arabia want to join their alliance? They are getting all the money from the USA, all those apartments and luxuries were architected, designed, built, made by Europeans and Americans, do they think it's better future for them to join BRICS?

Establishing new economic partnerships is never a bad idea. Joining BRICS does not mean severing relations with the United States and Europe, or even challenging them. The United Arab Emirates found itself for the first time in an alliance with its neighbor Iran, despite the dispute between them, as well as the Kingdom of Saudi Arabia.
In fact, we do not know what criteria were agreed upon to choose to invite any of the countries, except that the process was in the form of suggestions from the first members, and not based on requests to join.
I also believe that BRICS has become a media phenomenon that is given more than its value in assessing its capabilities in reality.

[WillyAp]

India, probably the only country in the BRICS with a really good economy, a position on the world stage, and a well-thought-out policy, and a pragmatic and logical approach, openly declares:
"The key BRICS member acknowledges that the dollar will remain dominant despite oil deals in rupees and yuan.
The US dollar's dominance is not under any real threat from emerging market currencies, India's oil and gas minister told CNBC, despite recent efforts to dedollarize global trade.

To say that you need to have lived there.
Marketdata hardly show realities in my humble opinion.
You can have lifted out of poverty 95% of the people but that does not mean they can afford transportation, healthy food, kids, college, and and and.

[hd49728]

Establishing new economic partnerships is never a bad idea. Joining BRICS does not mean severing relations with the United States and Europe, or even challenging them.

Agree because we see even inside NATO, Turkey did not choose side between the USA., NATO, Russia and Ukraine. They have trades with all those nations and they are still in NATO.

The United Arab Emirates found itself for the first time in an alliance with its neighbor Iran, despite the dispute between them, as well as the Kingdom of Saudi Arabia.

UAE have trades with many big nations that try to make their influence on UAE but it is not easy because UAE knows that they can work with all and should not make any harmful decision for their future relationships and trade chances with any big nation. Like after the Russia-Ukraine war, the USA, China and Russia all had some conversations in the UAE.

In fact, we do not know what criteria were agreed upon to choose to invite any of the countries, except that the process was in the form of suggestions from the first members, and not based on requests to join.
I also believe that BRICS has become a media phenomenon that is given more than its value in assessing its capabilities in reality.

A first criterion is not be a member of NATO because BRICS is created and expanded to build up a multipolar world and to compete with NATO. Other criteria, to be honest, I don't know but likely they are prioritizing nations with big economy sizes.

[Smack That Ace]

India, probably the only country in the BRICS with a really good economy, a position on the world stage, and a well-thought-out policy, and a pragmatic and logical approach, openly declares:
"The key BRICS member acknowledges that the dollar will remain dominant despite oil deals in rupees and yuan.
The US dollar's dominance is not under any real threat from emerging market currencies, India's oil and gas minister told CNBC, despite recent efforts to dedollarize global trade.
The dollar is the dominant form of payment for goods such as oil. But in June, Indian refineries used Chinese yuan to buy Russian oil. And earlier this month, an Indian refinery used Rs to buy oil from the UAE.
When asked about the role of the dollar in the oil market, Hardeep Singh Puri replied that replacing it "is not so easy." When asked if the dollar's prominence would continue, he replied, "Yes, I think it will."
His comments came after the BRICS emerging-country bloc held its 15th annual summit last week to discuss de-dollarization ideas."

https://markets.businessinsider.com/news/currencies/brics-india-dollar-dominance-dedollarization-rupee-yuan-deals-alternative-currencies-2023-8

There is no denying that the USD is still very strong and will continue to dominate most global trade transactions and replacing it is not easy. What the Indian Oil and Gas Ministry said is not wrong. But that doesn't mean they won't find a way to replace it in the future. No matter how they explain it, the purpose is to avoid causing conflicts in the cooperative relationship between the two countries. But it is a fact that India itself has not used USD in recent oil purchases. That means USD is hard to replace but they are also looking to reduce their reliance on it.

Although BRICS has not yet made much impression on the international community, but they do not stop and continue to develop, they are trying to shape the bloc to become clearer. So let's see what happens next.

[pooya87]

The United Arab Emirates found itself for the first time in an alliance with its neighbor Iran, despite the dispute between them, as well as the Kingdom of Saudi Arabia.

It is in no way an alliance. It is more like a mutual interest that has gotten Iran and Saudi Arabia (UAE is similar) closer same with the rest, otherwise this particular conflict dates back to one or two thousand years ago.

Basically after WWII countries came together to give power to the regime in Washington. Now that the regime has proven to be abusive of that power, once again the world is coming together to take that power away. That's the mutual interest.

In fact, we do not know what criteria were agreed upon to choose to invite any of the countries, except that the process was in the form of suggestions from the first members, and not based on requests to join.

It is both, meaning all these countries did in fact request to join and also the original members want them to join.

Take Saudi Arabia for example. Obviously BRICS wants an oil rich country that is literary THE definition of petrodollar to join a dedollarisation movement and on the other hand the Saudi regime wants to join BRICS to gain more independence and be able to start investing in Arabia's infrastructure and industry (instead of handing over all their money to US weapons factories to purchase garbage), something United States never allowed to happen (eg. building its first nuclear power plant).

This is why Saudi has been lobbying behind the scenes with both Russia and China to get the invitation.

[gunhell16]

Having a country join them has a significant impact on further solidifying their goals, thus the BRICS are simply demonstrating that the management they have in place is sound by having this happen. What the BRICS expansion will mean in the long run cannot yet be predicted. But it is undeniable that this is a big breakthrough that will significantly alter the world's political climate.

The BRICS growth is a complicated phenomenon that will have wide-ranging effects. How the bloc will be able to manage its expanded size and diversity, as well as how it will be able to accomplish its objectives in the face of geopolitical problems, remain to be seen.

[coupable]

The United Arab Emirates found itself for the first time in an alliance with its neighbor Iran, despite the dispute between them, as well as the Kingdom of Saudi Arabia.

It is in no way an alliance. It is more like a mutual interest that has gotten Iran and Saudi Arabia (UAE is similar) closer same with the rest, otherwise this particular conflict dates back to one or two thousand years ago.

We also find Egypt and Ethiopia who are going through a severe crisis due to Ethiopia’s insistence on filling the reservoir of the Renaissance Dam in a way that reduces Egypt’s share of the Nile River water. Expectations that the issue will be resolved with the help of BRICS.
Both Algeria and Morocco applied for membership to join BRICS, but both were not approved, although Algeria was one of the most likely countries to join, considering that it is a major economic power in the region and is considered a strategic ally of Russia, as well as Morocco, which represents the most prominent economic pole in North Africa. Most analyzes say that they were not accepted because of the dispute between them over the issue of Western Sahara (the Polisario Front).

[blue Snow]

Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?

Probably did not create a new world order because American and Western hegemony was very strong even in the Woar World 3 is happening. I assume they are just building economic strength just for the defense of their currency only. I heard they want to bring Indonesia to join their community, but as far i know, The president still not commented anything about this, because when happen America and Allies will be hate Indonesia in world politics.

[yhiaali3]

In fact, it is an intertwined and complex political and economic issue. The BRICS alliance is essentially political, but it overlaps with the economic mainly because politics is in no way separated from the economy.

The existence of the BRICS alliance and the joining of more countries will allow the return of a multipolar world instead of the American unipolarity that imposes itself as a policeman on the world. This will give additional options, especially for poor countries, to get out of American hegemony, which has become hated by the majority of countries.

This alliance will also allow many countries to get rid of US sanctions and embargoes that are carried out either through the dollar or through US control over the global economy and the global banking system. If the BRICS countries are able to issue an alternative currency to the dollar, this will be the first nail in the coffin of the dollar and American hegemony.

[Sithara007]

We also find Egypt and Ethiopia who are going through a severe crisis due to Ethiopia’s insistence on filling the reservoir of the Renaissance Dam in a way that reduces Egypt’s share of the Nile River water. Expectations that the issue will be resolved with the help of BRICS.
Both Algeria and Morocco applied for membership to join BRICS, but both were not approved, although Algeria was one of the most likely countries to join, considering that it is a major economic power in the region and is considered a strategic ally of Russia, as well as Morocco, which represents the most prominent economic pole in North Africa. Most analyzes say that they were not accepted because of the dispute between them over the issue of Western Sahara (the Polisario Front).

The Egypt-Ethiopia issue is very tricky. Why should Ethiopia give all of its water to Egypt? Ethiopia is a poor country with a growing population, and therefore they also have an equal claim to the waters of Nile. The Nile water treaty was signed between colonial powers, without taking into consideration anyone from Ethiopia or South Sudan. Most of the water originates from the two African nations (Ethiopia/South Sudan) and more than 95% of it is consumed by the two Arab nations (Egypt and Sudan). Either the Arab nations need to pay fee to use the water, or they need to stop using it.

[posi]

In fact, it is an intertwined and complex political and economic issue. The BRICS alliance is essentially political, but it overlaps with the economic mainly because politics is in no way separated from the economy.

The existence of the BRICS alliance and the joining of more countries will allow the return of a multipolar world instead of the American unipolarity that imposes itself as a policeman on the world. This will give additional options, especially for poor countries, to get out of American hegemony, which has become hated by the majority of countries.

This alliance will also allow many countries to get rid of US sanctions and embargoes that are carried out either through the dollar or through US control over the global economy and the global banking system. If the BRICS countries are able to issue an alternative currency to the dollar, this will be the first nail in the coffin of the dollar and American hegemony.

The birth and rise of BRICS really opened up more choices for the world, especially for poor countries that have been suppressed by the US for many years. But the confusing thing is that so many people are stupid enough to think that American dominance is a good thing and they don't expect any change. People with that mindset make me think that they want to rely on others, need the protection of others, rather than stand up and build their own world. USD is hard to beat but by no means impregnable, I don't think it's going to die but it's time for it to give way to better.

[DrBeer]

....
The birth and rise of BRICS really opened up more choices for the world, especially for poor countries that have been suppressed by the US for many years.

Can you give real examples ? It would be very good if it was a list of countries - your so-called "poor countries". With each of them - a description of how they were suppressed by the USA ?!
Well, for example, they did not allow to build production, prohibited to build schools and hospitals, prohibited to work,..... Just with facts ?

Are you sure you are not confusing the phrase "poor countries" with "international pariah countries" ?

[be.open]

In fact, it is an intertwined and complex political and economic issue. The BRICS alliance is essentially political, but it overlaps with the economic mainly because politics is in no way separated from the economy.

The existence of the BRICS alliance and the joining of more countries will allow the return of a multipolar world instead of the American unipolarity that imposes itself as a policeman on the world. This will give additional options, especially for poor countries, to get out of American hegemony, which has become hated by the majority of countries.

This alliance will also allow many countries to get rid of US sanctions and embargoes that are carried out either through the dollar or through US control over the global economy and the global banking system. If the BRICS countries are able to issue an alternative currency to the dollar, this will be the first nail in the coffin of the dollar and American hegemony.

The irony is that the BRICS alliance politically consists of countries with a low level of democracy, and at the same time it offers a new, more advanced level of democracy in economic interaction. And the G7 countries are politically more democratically developed, but economically they promote an absolutely authoritarian agenda.

[tygeade]

Today, at the start of the closing day of the BRICS meeting, the President of South Africa announced an important decision regarding the BRICS acceptance of the invitation of six countries to become new members of the BRICS group. These countries are Egypt, Iran, United Arab Emirates, Saudi Arabia, Ethiopia, and Argentina.

It's a resume of a guy who applies as a senior software developer but finished bootcamp two days ago.
The list is phenomenal, economic powerhouses with the highest quality of life. C'mon, what's the point? By the way, I'm really shocked why do United Arab Emirates and Saudi Arabia want to join their alliance? They are getting all the money from the USA, all those apartments and luxuries were architected, designed, built, made by Europeans and Americans, do they think it's better future for them to join BRICS?

The sentence about how BRICS people are looking aslyum in Europe is the most important piece of information here. These nations could be rich overall for the top, or rich for the dictators at the top like China and Russia, but they are poor and starving for the citizens of it, and those people are trying to run away from it as much as I can.

To be fair west looks like it is a much better place to live compared to them as a citizen, if you could go there and live there then I would guess that it is going to be fine on the long run. I think it would be a good thing for sure, but it doesn't have that kind of return in the end, it will definitely have a different result one way or another and should be a troublesome thing.

[coupable]

The Egypt-Ethiopia issue is very tricky. Why should Ethiopia give all of its water to Egypt? Ethiopia is a poor country with a growing population, and therefore they also have an equal claim to the waters of Nile. The Nile water treaty was signed between colonial powers, without taking into consideration anyone from Ethiopia or South Sudan. Most of the water originates from the two African nations (Ethiopia/South Sudan) and more than 95% of it is consumed by the two Arab nations (Egypt and Sudan). Either the Arab nations need to pay fee to use the water, or they need to stop using it.

In the regions through which rivers cross, there is a distinction between what are called “upstream countries” (which are the countries that are the source of the river), “downstream countries” which are the countries that are at the end of the length of the river, and “transit countries” which are the countries that The river crosses through it. In the case of the Nile River, the division was fair and took into account the peculiarities and needs of each country, given that Sudan was part of Egypt and was subsequently divided by colonialism. The problem today is not about the share of water that each country takes. Rather, it started after Ethiopia decided to build the Renaissance Dam, as it decided to fill the dam’s reservoir in record time, which will cause the river level to drop for a long time, which will lead to disastrous results for Egypt, which exploits the river for agricultural activities and energy production. The only solution is for Ethiopia to change its policy to fill the reservoir at separate intervals, which it has not accepted until today.

[Bushdark]

This main currency there have been reports that Russia is trying to come up with their own gold backed currency. I wonder if they will go back to backing on gold if it will be helpful and successful. USD was basically pegged to the dollar before and now the Saudis have followed suit with BRICs due to start in 1 day so I wonder if they would play a crucial role in pegging the main currency to oil or gold or a combination of both?

The USD will lose it value soon which is because there currency is pegged to oil which is gradually diminishing with time. The BRICS countries will keep increasing and I am very sure that most countries in Asia and Africa will be the major members because that everyone seems to be looking for freedom from the US dominance which could be benefiting the West but others are suffering from it. The USD would no longer be use as international currency for trades like it used to be.