BRICS: A New World Order in Progress
The world order is experiencing a paradigm shift as the financial powers are revolving from the West to the East. The BRICS+ which is now a nine-member alliance accounts for 40% of crude oil production and exports. They also account for one-quarter of the global GDP and command nearly half of the world’s population. They are now stronger in terms of trade, purchasing power parity, and GDP than ever before. BRICS is a new world order in progress that is looking to trample the Western powers. Also Read: BRICS Prepare to Induct 10 New Countries After 2024 Summit The first target is to pull the US dollar down from the world’s reserve currency status and replace it with local currencies. Emerging economies are systematically burdened to carry the US dollar to fund America’s deficit. In return, their native economies are unable to gain any surplus as the US dollar stands in the way. Ending reliance on the US dollar and pushing local currencies for trade is the main agenda of BRICS to under i