Which country proposed the establishment of BRICS?

[Oshosondy]

I think the country that will first move to establish BRICS will be China or Russia.

Such countries are the ones with the motive of dedollarization. Some other countries that are joining BRICS may not think about dedollarization but about some benefits of joining the organisation, although while some may also think about it.

Chinese Yuan recently become the most traded currency in Russia. Some other country are joined BRICS while some other countries are planing to join. Most of the imported products that these countries are using are from China. I see China looking for ways to make Yuan dominant the US dollar as most countries are depending on China than China are depending on them.

BRICS is nothing more than China wants to dominate the economy.

I can not forget this old news: Chinese lenders, the Export-Import Bank of China, also known as Exim Bank, has taken over the Ugandan Entebbe International Airport and other assets in the country over the failure of the Ugandan government to repay a loan.


I hope these countries will wake up and know that China may not be their friend. Why BRICS?

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[SAHASAN]

In fact, I think China and Russia are aiming to destroy the empire of the US dollar, and China's role is more important than Russia's in expanding the world's economic influence. In fact, they will only want to dominate the currency that they can control.

[Spaceman1000$]

I think the country that will first move to establish BRICS will be China or Russia.

Such countries are the ones with the motive of dedollarization. Some other countries that are joining BRICS may not think about dedollarization but about some benefits of joining the organisation, although while some may also think about it.

Chinese Yuan recently become the most traded currency in Russia. Some other country are joined BRICS while some other countries are planing to join. Most of the imported products that these countries are using are from China. I see China looking for ways to make Yuan dominance the US dollar as most countries are depending on China than China are depending on them.

BRICS is nothing more than China wants to dominate the economy.

I can not forget this old news: Chinese lenders, the Export-Import Bank of China, also known as Exim Bank, has taken over the Ugandan Entebbe International Airport and other assets in the country over the failure of the Ugandan government to repay a loan.


I hope these countries will wake up and know that China may not be their friend. Why BRICS?

Of course there has been cold war going on with Russia-China against the United States of America, which is basically to fight the dominance of dollar acrossboard just to reduce the influence of the American dollar.

Most of these countries that China have been influencing especially in Africa, can basily be traced to the fact that China has been able to produce technologies that are way cheaper for them to afford, from refrigerators, to electricity generating sets, to gadgets, to air conditioners etc are all produced by China in affordable rates for most of the countries, which makes china look's like a major alternative either in terms financial support or moral support, because I know that in my country Nigeria, there are rail lines built by Chinese companies just so that they can help and build the our infrastructural deficit we face in my country.

So the question of these countries waking up to know that China may not be their friend, is more like saying you shouldn't take what you can afford because you feel the provider has hidden agenda, when ordinarily if you're left alone you cannot do these on your own.

[PhillipDe78]

It is quite possible that China will lead the efforts to turn the BRICS into a more influential group, as it is strongly interested in promoting the use of its currency compared to the US dollar. But the organization includes different countries with different motives for joining, not just for de-dollarization. Each of the BRICS members can receive various strategic benefits from their participation. Everyone is looking for a benefit for themselves, in my opinion, and this is normal.

[Coyster]

Chinese Yuan recently become the most traded currency in Russia.

This is because of the sanctions imposed on Russia by the U.S. and many other countries, now they have stepped up their relationship with China and other allies and they now mostly use the Chinese Yuan for trading and foreign activities, all as part of their dedollarization campaign.

BRICS is nothing more than China wants to dominate the economy.

Maybe or maybe not, there is no doubt that amongst the countries in the group, China is the one with the healthiest economy. That being said, the Yuan isn't going to automatically usurp the dollar as the world's reserve currency because they have formed allies with Brazil, Russia, India and South Africa, when most of these countries still use the U.S dollar for trading and as their reserve currency.

[Plaguedeath]

I hope these countries will wake up and know that China may not be their friend. Why BRICS?

Because if you want to import something from China, you need to use Yuan (or BRICS if it's exist), just like what you said before.

There are no countries that can sell cheap product with a good quality and there are no countries can as productive as China, but the employees get paid low compared to other developed countries.

Like it or not, China will overtake US in terms of economy.

[Bananington]

I think the country that will first move to establish BRICS will be China or Russia.

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I hope these countries will wake up and know that China may not be their friend. Why BRICS?

China has always had the intention of world power and they haven't failed in regards to keeping a strong economy and maintaining a good business and political relationship with other countries with same sacred interest in dedollarization and a betterment of their economy.

It just so happens that Russia feels same way, and you know what they say about the enemy of my enemy being my friend, hence the unity among these great countries, china, Russia, India, Brazil, South Africa, to stop their dependence on doing business with dollar.

China has been for long a business hub for many traders internationally, so it makes sense that they are the leaders behind this BRICS currency initiative, also it's the Yen that's the currency for now, so it makes total sense.

[btc78]

I hope these countries will wake up and know that China may not be their friend. Why BRICS?

Both China and Russia are too powerful nations thus must not be trusted however one could argue that being their ally or friend no matter how suspicious and fake it is is a whole lot better than being their enemy. You might just get totally annihilated if you were to fight with China. Not unless you are USA.

Honestly the more I see it is like we are becoming pawns to this game of bigger countries. But we can not do anything because they have a lot of what we need.

[bittraffic]

It is just how East and West should be. Back then there was NATO and Soviet. A balance of power.
There must be a leader in the West and a leader in the East to balance. If the West uses USD, then it's healthy in the Western countries, and the East using Yuan is also healthier.

Most of the products are from China though. And countries that want to import products from China will need to use the Yuan to buy products from China.
What the West needs is to produce products that the East needs, if they want to compete fairly.

[JunaidAzizi]

There is no doubt that China wants dominance in the world and is becoming a superpower and moving the world to unipolarity. There are certainly basic needs to become a superpower and china slowly moving to fulfill. In today's time china is the most popular state which has high exports. They are dominant through their economy and today's time economy is your biggest weapon. The main aim of BRICS is to destroy the dominance of the dollar and put yuan at that place. They made an organization for that and added other states to it. They will start trading in yuan and through this way, the region will be empty of dollars. The states that are involved in BRICS did not want to do anything against the dollar but they gathered to take their own strategic benefits from China which they offered to take part in the organization.

[Rockstarguy]

Like it or not, China will overtake US in terms of economy.

It is possible for China to have the biggest economy because for a very longtime China have been into investment more and have been one of the top productive countries to export to other regions. China has really worked on their economy that other developing countries are looking up to them in trading. I won't be surprised if China's economy is rated as the best because they have gone far when it comes to productivity in all aspect, this is why their economy is growing very fast.

China is a country that believes they have everything and they don't have to look up to any other country for support for anything and China is surrounded to regions that believe they are problems solver and this also affecting the economy of China positively.

[kryptqnick]

I don't understand why the op's talking about BRICS being established, using future tense. BRIC was created in 2009 in Russia, and then became BRICS the following year when South Africa joined the organization. It's a big alliance if we look at the percentage of population and global GDP of it, but I don't think it's an effective alliance, mainly because of different political goals and different relations each of the members have with the rest of the world (especially with Western countries).
As we can see, dedollarization isn't actually happening, so if that's their common goal, they're failing.

[Zlantann]

I think the country that will first move to establish BRICS will be China or Russia.

This sentence is a little bit confusing, do you mean BRICS as an organization or as a currency?

Such countries are the ones with the motive of dedollarization. Some other countries that are joining BRICS may not think about dedollarization but about some benefits of joining the organisation, although while some may also think about it.

De-dollarization has been an agenda of BRICS nations for a very long time but it seems they don't have the willpower and common goal to pursue and actualize this agenda. It was expected that the currency would be discussed at the last summit in South Africa but it was not on the agenda of the summit. Some of the developing nations that are joining BRICS assume that the organization will benefit them economically. However, I doubt if they can find help in the organization because China and other top nations are also struggling economically.

Chinese Yuan recently become the most traded currency in Russia. Some other country are joined BRICS while some other countries are planing to join. Most of the imported products that these countries are using are from China. I see China looking for ways to make Yuan dominant the US dollar as most countries are depending on China than China are depending on them.

China, India, Russia and Iran are leading the race towards de-dollarization. China, Russia and Iran need to free their economy from depending on dollars because of diverse economic sanctions placed on them by the US and its allies. The Yuen might not be able to achieve the same feat in economies that are not under Western sanctions.

BRICS is nothing more than China wants to dominate the economy.

I can not forget this old news: Chinese lenders, the Export-Import Bank of China, also known as Exim Bank, has taken over the Ugandan Entebbe International Airport and other assets in the country over the failure of the Ugandan government to repay a loan.


I hope these countries will wake up and know that China may not be their friend. Why BRICS?

People who think that the conditions for loans from Western lending organizations are harsh have not seen the terms and conditions China gives for loans. My country accessed a loan from the China Development Bank and one of the conditions was that our country would lose its sovereignty if it defaulted.

[el kaka22]

It is clear that China or Russia is not friendly towards these nations, they are giving that "free money" so that they could be in debited but at the same time these nations do not have to give China what they want if they want more.

Think about it, let's say you took a loan from China, and you decline to pay it back, you have two options either you give what China wants like Uganda did, or you just decline, what could be the worst that could happen? China could take you to court, and do you think western courts would side with China in that case? Of course not, so who could China tell on you? They would simply just not invest with you again but that's about it. I think this is why China is taking a larger risk when they are giving debt to anyone.

[Faisal2202]

I hope these countries will wake up and know that China may not be their friend. Why BRICS?

Speaking of  Ugandan Airport, its the Ugandan's government fault, why did they use the airport land as collateral to take the loan, the same thing is happening in our country as well, the leaders have taken a hell of a lot of loans and has collateral our Motorways, Railways, Airports, Orange train, etc., etc. Once we are declared default Chinese will definitely take over and they are considered our best ally but TBH I don't think they are really.

No offense it's just personal perspective. Besides, Governments should not give away their lands, and properties, just to get some loans, they should come up with good ideas, China has started CPEC in our country and almost owns it all. It will be like, they will be ruling in our country haha. Looks fun, because at least they are more educated than our leaders.  (no offense).

Speaking of BRICS, china is really doing great to give solid competition to US dollar, and this Russian trades being made in Yuan was new to me. Thanks for adding it.

[Synchronice]

I think the country that will first move to establish BRICS will be China or Russia.

BRICS is already established. The idea of the BRICS was formulated by Chief Economist at Goldman Sachs in 2001[Source ¹]. At first it was only BRIC (Brazil, Russia, India, China) and then later, South America was added. BRIC held the first summit in Yekaterinburg in 2009 (Russian city). As far as I know, BRICS creation was initiated by Russia [Source ²] but that doesn't mean that Russia controls it. BRICS is economically dominated by China, which accounts for more than 70% of the bloc's combined GDP [Source ³].

Such countries are the ones with the motive of dedollarization. Some other countries that are joining BRICS may not think about dedollarization but about some benefits of joining the organisation, although while some may also think about it.

They blame dollar for everything while tons of people from BRICS country try to migrate in the USA, Canada, Australia, NZ and Europe every day.

@stompix, this might be an interesting thread for you.

[STT]

Brics is just a Goldman Sachs proposal for investment purposes.   The fact its still going as a recognized force of some size so many years afterwards does make that a good call but I'd not go all the way to talk about politics and other matters of state that Brics is a proper united organization instead of an acronym that's far more loosely considered.     An actual unification in any way is far harder to do & even trade agreements frequently fall apart, it can all just be talk.

China has regularly demonstrated in not just Africa but parts of eastern europe 'The Belt and Road Initiative (BRI or B&R), known in China as the One Belt One Road sometimes referred to as the New Silk Road' ~ its some way to establish and ingratiate itself into foreign economies in various ways usually via infrastructure projects.
  A form of lend lease I suppose and of course within any lack of debt repayment on their terms they become the entrenched owners within those economies.   China is frequently blocked by more independent nations from such tactics to overwhelm a local economy with their own interests, its certainly not charity or good will they make such offers.

Remember China CCP is a communist force not a market based democracy they will not freely be offering anything that isnt of personal advantage for their national and military interests and Russia operates similarly.  If they throw you a bone look up for a cage overhead.

[Darker45]

It was originally just BRIC. So that was Brazil, Russia, India, and China that came up with it. It might not have been plainly dedollarization that they're seeking, but it's definitely part of it. The group was basically created to challenge the global status quo, to challenge the reins of power which are basically in the hands of the US and its western allies.

Just like in any alliances and groups, however, you should be joining with a leverage. If you don't have any, you'd just be a push-around. The other powerful countries would only impose on you, threaten you, and push you around. The original members, they are all huge economies. They cannot just easily be dictated by another member.

But it isn't the case with the new members of BRICS like Ethiopia and Egypt. What do they have? They've got nothing. They're joining with the hope of receiving grants and loans, which are actually traps.

[Oshosondy]

It was originally just BRIC. So that was Brazil, Russia, India, and China that came up with it. It might not have been plainly dedollarization that they're seeking, but it's definitely part of it. The group was basically created to challenge the global status quo, to challenge the reins of power which are basically in the hands of the US and its western allies.

I know that the organisation was started by Brazil, Russia, India, and China before it later become BRICS when South Africa joined. But that is not what I am asking. I mean among the four countries, which one among them brought up the offer. Which I guessed to either be China or Russia.

But it isn't the case with the new members of BRICS like Ethiopia and Egypt. What do they have? They've got nothing. They're joining with the hope of receiving grants and loans, which are actually traps.

Egypt is the second largest economy in Africa while Ethiopia is the fifth. But you are right that they have small economy if compared with countries like China, India and Russia but they are comparable with South Africa, especially Egypt.

[Coyster]

I mean among the four countries, which one among them brought up the offer. Which I guessed to either be China or Russia.

No, this was not how BRICS was formed, it was neither China or Russia that came up with the idea, they weren't even the ones that came up with that acronym. From what i could garner online, it was Jim O'Neill, a Goldman Sachs economist that came up with the acronym BRIC, he used it to recognize four countries with very fast growing economies that (according to him), could rival the economic powerhouses like the U.S and others from the West.

These four countries found the idea interesting and decided to make a group from it, South Africa later joined them and it became BRICS.