The BRICS Alliance is pushing for a de-dollarization agenda, bringing together local leaders, mayors, and unions from over 21 developing countries. Over 200 mayors from these countries attended the meeting.
Invitations have been extended for the BRICS+ Forum scheduled for April 2024, where discussions will focus on reducing reliance on the US dollar and promoting the use of local currencies. The aim of this initiative is to enhance the capabilities of developing countries by providing a platform for sharing perspectives and strengthening economies. The alliance intends to gradually weaken the dominant position of the US dollar in global trade.
The potential impact of de-dollarization on the US economy could be significant, leading to increased inflation and rising costs of necessities. The main beneficiaries of this change would be the BRICS countries, as they seek to prioritize their own currencies in international trade.
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Thailand’s ruling party chairman, Baitong Sinawat, emphasized the importance of the BRICS+ Forum in giving a voice to countries that have traditionally been overlooked in global finance. She highlighted the forum’s role in promoting multipolarity and advancing the de-dollarization initiative:
“We believe that under the leadership of Russia as the BRICS Chair, countries that have not previously had a voice will eventually have a say. Historically, a few superpowers have determined these terms, but now the multilateral world values different voices. We believe in connecting different countries and cultures.”
